Carbon dots (CDs) have been studied for years as one of the most promising fluorescent nanomaterials. However, CDs with red or solid-state fluorescence are rarely reported. Herein, through a one-pot solvothermal treatment, hydrophobic CDs (H-CDs) with blue dispersed emission and red aggregation-induced emission are obtained. When water is introduced, the hydrophobic interaction leads to aggregation of the H-CDs. The formation of H-CD clusters induces the turning off of the blue emission, as the carbonized cores suffer from π-π stacking interactions, and the turning on of the red fluorescence, due to restriction of the surfaces' intramolecular rotation around disulfide bonds, which conforms to the aggregation-induced-emission phenomenon. This on-off fluorescence of the H-CDs is reversible when the H-CD powder is completely dissolved. Moreover, the H-CD solution dispersed in filter paper is nearly colorless. Finally, we develop a reversible two switch-mode luminescence ink for advanced anti-counterfeiting and dual-encryption.