We show that both the optical and magnetic properties of CdTe-based quantum dots (QDs) can be tuned by post-growth annealing. With increasing of annealing temperature, the photoluminescence of CdTe and CdMnTe QDs shifts towards high energies. At the same time, we observe a narrowing of the QD ensemble emission linewidth due to the improved homogeneity of the QD ensemble. We find that for annealed CdTe QDs the exciton diamagnetic shift is about two times larger that for the as-grown ones, suggesting an increase of the average dot size upon annealing. In the case of CdMnTe QDs the emission lines of individual quantum dots narrow significantly from 3 meV down to 0.25 meV showing that effect of spin fluctuations is much reduced probably due to an increase of the average dot size.
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