In this work, we investigate the thermal evolution of CdSe-CdS-ZnS core-multishell quantum dots (QDs) in situ using transmission electron microscopy (TEM). Starting at a temperature of approximately 250 °C, Zn diffusion into inner layers takes place together with simultaneous evaporation of particularly Cd and S. As a result of this transformation, CdxZn1-xSe-CdyZn1-yS core-shell QDs are obtained.