This article highlights the studies on precise measurements of energy transfer efficiency in a steady-state method by adopting sample preparation methods. Steady-state and time-resolved fluorescence measurements were employed to evaluate the cadmium telluride (CdTe) quantum dot (QD) photoluminescence quenching induced by the proximal rhodamine 101 dye (Rh 101) molecule via fluorescence resonance energy transfer (FRET). Further, the evaluation of steady-state measurements in comparison with time-resolved measurements was carried out. The FRET parameters, such as spectral overlap, Förster distance, and intermolecular distance for each donor–acceptor pair, were determined and variation of these parameters with respect to the size of the QD is discussed. Further, efforts to understand the optical and carrier relaxation dynamics of CdTe QDs are made using steady-state and time-resolved fluorescence data.