Carbon quantum dots (CQDs or C-dots, ≤10 nm in size) are tiny carbon nanoparticles being envisaged in biosensing, bio-imaging and biomolecular/drug delivery. In the present investigation, green fluorescent carbon quantum/nano dots (GCQDs, ∼3 nm in size) were synthesized through facile chemical slicing method. Further, folic acid (FA) functionalized GCQDs (GCQDs-FA) were obtained to enhance their targeting ability. FA is known to positively influence the binding potential and penetration into the cancer cells because of high abundance of folate receptors (FR) on various cancer cell membranes. We report high biocompatibility, photoluminescence stability and excellent in vitro cancer cell cytoplasm and nucleus targeting performance of GCQDs-FA on MCF-7 breast cancer cells.