Quantum dots of InP:Mn are chemically prepared by following hot colloidal nanochemistry with starting precursors that obviate the need for external surfactant. These quantum dots are uniform spheres with 3-nm diameters; they are crystalline, photoluminescent, and magnetic. The crystallographic and optical properties are similar to those of undoped InP nanocrystallites, while the magnetism is consistent with the ferromagnetic response observed in a class of diluted magnetic semiconductors. Because of the ultrafine sizes, the sample shows superparamagnetic behavior, whereas ferromagnetic hysteresis loops are clearly seen below the blocking temperature. Structural characterization and analysis confirm that the magnetism in these quantum dots is not due to segregated binary MnP or MnO phases and that they truly represent a homogeneous dilute magnetic semiconductor.