The aqueous dispersion of ZnO quantum dots (QDs) with strong blue emission (quantum yield of 76%) was synthesized through a simple solution route. The water stability of such QDs is provided by the hydroxyl groups on their surface, and the strong blue emission is suggested to arise from the formation of surface ZnO/oleic acid complexes. Under irradiation, these complexes are thought to absorb the excitation light with 3.54 eV and then generate the blue emission with 2.82 eV.