1-Octadecene is an inexpensive solvent having high boiling point. Due to this property, it replaces the heat transfer fluids such as dowthem A or therminol 66 and used in the synthesis of high quality CdSe quantum dots (nano crystal made up of semiconductor materials). These quantum dots find application in transistors, diode lasers and solar cells. It is also used as a solvent for the synthesis of iron oxide nanospheres.