A 2D coordination polymer, {[Fe(L)2(NCSe)2]·6MeOH·14H2O}n (1; L = 2,5-dipyridylethynylene-3,4-ethylenedioxythiophene), has been synthesized based on a redox active luminescence ligand. 1 possesses a 2D [4 × 4] square-grid network where the iron(II) center is in a FeN6 octahedral coordination environment. 1 displays reversible thermoinduced high-spin (HS; S = 2) to diamagnetic low-spin (LS; S = 0) ON/OFF spin-state switching with a T1/2 value of 150 K. Interestingly, optical reflectivity and photomagnetic studies at 10 K under light irradiation revealed an efficient conversion to a photoinduced metastable HS excited state from a LS ground state. Remarkably, the photoexcited HS state can be reversibly switched ON and OFF by using 625 and 850 nm light-emitting-diode lights. Intriguingly, the thermal dependence of the luminescence intensity of the maximum emission at 524 nm for 1 shows a minimum at around the spin-crossover (SCO) temperature, indicating a cooperative nature between the SCO and luminescence properties. Theoretical calculations confirmed the above findings.