A new facile method for preparing water-soluble near-infrared (NIR)-emitting PbS quantum dots (QDs) is proposed by using N-acetyl-L-cysteine (NAC, a derivate of L-cysteine) as its stabilizer. The influence of the precursor Pb/S molar ratio, the Pb/NAC molar ratio, and the pH of original solution on optical properties is explored. Results show that aqueous PbS QDs with strong NIR fluorescence can be prepared and their photoluminescence emission peaks can be tuned from 895 nm to 970 nm. Studies indicate that such aqueous QDs have a potential application in biomedical imaging, especially in noninvasive in vivo fluorescence imaging. In addition, the resulting PbS QDs are further characterized by a transmission electron microscopy and X-ray diffraction analysis.