Fluorescence blinking of single colloidal semiconductor quantum dots (QDs) has been extensively studied, and several sophisticated models have been proposed. In this work, we derive Heisenberg equations of motion to carefully study principal transition processes, i.e., photoexcitation, energy relaxation, impact ionization and Auger recombination, radiative and nonradiative recombinations, and tunneling between core states and surface states, of the electron-hole pair in single CdSe-CdS/ZnS core-multishell QDs and show that the on-state probability density distribution of the QD fluorescence obeys the random telegraph signal theory because of the random radiative recombination of the photoexcited electron-hole pair in the QD core, while the off-state probability density distribution obeys the inverse power law distribution due to the series of random walks of the photoexcited electron in the two-dimensional surface-state network after the electron tunnels from the QD core to the QD surface. These two different blinking characteristics of the single QD are resolved experimentally by properly adjusting the optical excitation power and the bin time.