Non-linear optical properties of CdS quantum dots embedded in the set-gel derived Na2O-B2O3-SiO2 glass matrix have been studied using nanosecond degenerate four-wave mixing (DFWM), pump-probe experiments, and time-resolved subpicosecond DFWM measurements. The concentration of CdS microcrystallites was varied from 1.4 to 10.2 wt % while the particle size was controlled to be in the range of 3-6 nm in diameter so that the confinement effects can be realized. The third-order susceptibility, chi((3)), was determined to be of the order of 10(-7)-10(-6) e.s.u. near the resonant wavelength between 450 and 470 nm by the nanosecond DFWM and pump-probe experiments, and of the order of 10(-11)-10(-10) e.s.u. at the off-resonant wavelength, 580 nm, by a time-resolved DFWM measurement with 400 fs laser pulse. The decay time changed from 0.5 to 50 picoseconds as a function of the size, size distribution and number density of CdS microcrystallites in the glasses. Photodarkening reduced the optical non-linearity of the melt-quenched samples by a factor of approximate to 20, while it had no appreciable effect on that of the sol-gel derived samples.