We report here on a one-pot, mild and low cost aqueous-based synthetic route for the preparation of colloidally stable and highly luminescent dual-doped Ag,Ni:ZnCdS/ZnS core/shell quantum dots (QDs). The pure dopant emission of the Ni-doped core/shell QDs was found to be highly affected by the presence of a second dopant ion (Ag+). Results showed that the PL emission intensity increases while its peak position experiences an obvious blue shift with an increase in the content of Ag+ ions. Regarding the optical observations, we provide a simple scheme for absorption-recombination processes of the carriers through impurity centers. To obtain optimum conditions with a better emission characteristic, we also study the effect of different reaction parameters, such as refluxing temperature, the pH of the core and shell solution, molar ratio of the dopant ions (Ni:(Zn+Cd) and Ag:(Zn+Cd)), and concentration of the core and shell precursors. Nonetheless, the most effective parameter is the presence of the ZnS shell in a suitable amount to eliminate surface trap states and enhance their emission intensity. It can also improve the bio-compatibility of the prepared QDs by restricting the Cd2+ toxic ions inside the core of the QDs. The present suggested route also revealed the remarkable optical and chemical stability of the colloidal QDs which establishes them as a decent kind of nano-scale structure for light emitting applications, especially in biological technologies. The suggested process also has the potential to be scaled-up while maintaining the emission characteristics and structural quality necessary for industrial applications in optoelectronic devices.