Cadmium selenide, CdSe nanomaterials were synthesized in microhetergenous media consisting of water-in-oil type microemulsions using the surfactant, cetyl trimethyl ammonium bromide (CTAB) and cyclohexane as the oil, under two different experimental conditions. In one set of experiments, the synthesis was carried out by normal chemical route at room temperature, named as green chemistry route. In another set, the synthesis was carried out through radiation-chemical route using 7 MeV electron beam using a linear electron accelerator (LINAC). In the previous case, the shape of CdSe nanomaterials was found to evolve from isotropic spherical to anisotropic rod like structures in lower w0 microemulsions with time. Similar observations were obtained in the case of CdSe nanomaterials synthesized via electron beam irradiation. The photoluminescence was found to be different in the CdSe nanomaterials formed by these two different routes. In the former case, the band gap photoluminescence was observed from the immediately produced nanomaterials, however with aging after a day there were two distinct band gap photoluminescence as well as trap state photoluminescence observed at room temperature. On the contrary, in the case of electron beam induced CdSe nanomaterials the trap state photoluminescence was always dominating irrespective of the aging.