In this study, dual-emissive carbon dots (CDs) were prepared using p-phenylenediamine (pPDA) and phytic acid (PA) precursors via a one-pot-hydrothermal method. The photophysical, morphological, and structural characterization of CDs was carried out using absorption, fluorescence, Fourier transform infrared (FT-IR) spectroscopy, nuclear magnetic resonance (NMR), and high-resolution transmission electron microscopy (HR-TEM) analysis. The as-prepared CDs displayed dual-fluorescence peaks at 525 and 620 nm upon excitation at 450 nm. The CDs showed good photostability and exhibited solvent-dependent fluorescence properties. The solvatochromic behavior of CDs was utilized to detect water content in organic solvents. Furthermore, the dual-emissive property of CDs was utilized for the sequential detection of ferric (Fe3+) and pyrophosphate ions (PPi) by a fluorescence turn-off-on mechanism. The proposed assay showed appreciable fluorescence response toward Fe3+ and PPi with high selectivity and good tolerance for common interfering ions. The potential practical application of the CD probe was ascertained by carrying out the fluorometric detection of PPi to affirm the loop-mediated isothermal amplification (LAMP) reaction specific for Mycobacterium tuberculosis (negative and positive clinical samples).