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Herein, $\mathrm{MoS_{2}}$ quantum dot (QDs) with controlled optical, structural, and electronic properties are synthesized using the femtosecond pulsed laser ablation in liquid (fs-PLAL) technique by varying pulse-width, ablation power, and ablation time to harness the potential for next-generation optoelectronics and quantum technology. Furthermore, this work elucidates key aspects of the mechanisms underlying the near-UV and blue emission, the accompanying large Stokes-shift, and the consequent change in sample color with laser exposure parameters pertaining to $\mathrm{MoS_{2}}$ QDs. Through spectroscopic analysis, including UV-visible absorption, photoluminescence, and Raman spectroscopy, we successfully unravelled the mechanisms for the change in optoelectronic properties of $\mathrm{MoS_{2}}$ QDs with laser parameters. We realize that the occurrence of a secondary phase, specifically $\mathrm{MoO_{3-x}}$, is responsible for the significant Stokes-shift and blue emission observed in this QDs system. The primary factor influencing these activities is the electron transfer observed between these two phases, as validated by excitation dependent photoluminescence, XPS and Raman spectroscopies.