In this work, we investigate the temperature dependence of the photoluminescence decay and integrated photoluminescence of oleic acid capped PbS quantum dots with diameters ranging from 2.3 to 3.5 nm over a broad temperature range (6-290 K). All the investigated samples exhibit similar behavior, consisting of three different temperature regimes. The low-temperature regime (<180 K) is characterized by an increase in the average decay rate and a decrease in integrated photoluminescence. The intermediate regime (∼180-250 K) is described by an enhancement in the photoluminescence intensity and a decrease in the average decay rate. The high-temperature regime (>250 K) is governed by quenched photoluminescence intensity and acceleration in the average lifetimes. We propose a three-level system, composed of bright, dark, and surface states, which describes the observed photoluminescence dynamics of oleic acid capped PbS QDs.