Temperature-dependent radiative and non-radiative dynamics of photoexcited carriers were studied in In0.3Ga0.7N nanodisks (NDs) fabricated from quantum wells (QWs) by neutral-beam etching using bio-nano-templates. The NDs had a diameter of 5 nm, a thickness of 2 and 3 nm, and a sheet density of 2 × 1011 cm-2. The radiative decay time, reflecting the displacement between the electron and hole wavefunctions, is about 0.2 ns; this value is almost constant as a function of temperature in the NDs and not dependent on their thickness. We observed non-exponential decay curves of photoluminescence (PL) in the NDs, particularly at temperatures above 150 K. The thermal activation energies of PL quenching in the NDs are revealed to be about 110 meV, corresponding to the barrier heights of the valence bands in the disks. Therefore, hole escape is deemed responsible for the PL quenching, while thermal activation energies of 12 meV due to the trapping of carriers by defects were dominant in the mother QWs. The above-mentioned non-exponential PL decay curves can be attributed to variations in the rate of hole escape in the NDs because of fluctuations in the valence-band barrier height, which, in turn, is possibly due to compositional fluctuations in the QWs. We found that non-radiative trapping, characteristic of the original QW, also exists in about 1% of the NDs in a form that is not masked by other newly formable defects. Therefore, we suggest that additional defect formation is not significant during our ND fabrication process.