Carbon dots (CDs) with unique and tunable multicolor photoluminescence (PL) emission has attracted tremendous attention in the past few years due to their potential multifaceted application, specially in the biomedical and optoelectronic fields. There has been extensive deliberation and efforts to engineer the synthesis or post synthesis approach to obtain multicolor-emissive CDs and tune their optical properties toward longer wavelength. This review mainly focuses on the advancement of strategies for synthesis and post-synthesis techniques of CDs toward tunable multicolor emission. Based on the above discussion to achieve desired goals, several synthesis strategies (selection of proper benzenoid precursor, acid/base treatment of biomass, optimization of reaction conditions, optimization of the reagents, solvent engineering, acid strength regulation, reaction temperature regulation, chemical doping) and various post synthesis strategies (column chromatographic separation or purification, solvatochromism, pH variation, surface functionalization, concentration variation) have been reviewed. Although numerous research articles have been published on the synthesis of multicolor CDs for multifaceted application, there is still a lack of a concise review article focusing on systematic synthesis/post synthesis strategies with PL mechanism elucidation. Thus, we focused on providing a comprehensive overview of the state-of-the-art advances on the strategies for the preparation of polychromatic CDs with tunable emission and elucidating their emission mechanism.