© 2016 Optical Society of America. We report spectroscopic characterization of Fe:ZnSe quantum dots (for 2% of Zn/Fe molar ratio) fabricated by microemulsion hydrothermal synthesis. Mid-IR photoluminescence of the 5E5T2 transition of Fe2+ ions over 3.5-4.5 μm spectral range was observed in Fe:ZnSe quantum dot samples and kinetics of luminescence have been characterized at temperatures of 30-300 K under direct (2.788 μm) mid-IR excitation and indirect (0.355 μm) photoionization excitation. The radiative lifetime (τrad) was estimated from these measurements to be 48 μs while lifetime at room temperature was measured to be 440 ns. This agrees closely with the behavior of bulk material.