In this work a comprehensive study of a colloidal InP/ZnS nanocrystals (NC) as the colour conversion material for white light emitting diodes (WLED) is shown. Studied nanocrystals were synthesised by wet chemistry using one pot, hot injection method. A quantum efficiency (QE) of photoluminescence joined with a time resolved photoluminescence (TRPL) measurements of NCs covering the visible light spectrum range revealed a presence of a population of NCs that does not emit light upon photon absorption and it is significantly higher for a larger particles. By modifying local density of optical states, radiative and non-radiative recombination rates were determined and QE of 63% for the population of NCs that emit light was derived. A search for source of exciton losses in bright nanocrystals temperature resolved TRPL was studied and it revealed carrier trapping most likely at core-shell interface as well as at the surface and which competes with bright and dark exciton states. A presence of long-lived dark excitons and trapped charges lead to strong Auger recombination at high (relative to the trapping times) excitation. A colour conversion efficiency of the nanocrystals upon light absorption and in a process of resonant energy transfer varied from 0.03 to 0.05% and from 0.6 to 4.8 %, respectively. Finally, an analysis of luminous efficacy of radiation of hybrid WLEDs revealed that it is close to the theoretically predicted ~ 300 lm/W for phosphor based WLED.