A process of synthesizing nanocrystals, the process including contacting a first precursor, a ligand compound, and a second precursor in a solvent having a boiling point of less than or equal to about 150° C. and a polarity index of less than or equal to 5, and performing a thermal decomposition reaction between the first precursor and the second precursor at a higher pressure than atmospheric pressure and at a higher temperature than a boiling point of the solvent, wherein at least one of the first precursor and the second precursor is a metal-containing precursor.