Carbon dots (CDs) are an emerging family of nanosystems displaying a range of fascinating properties. Broadly speaking, they can be described as small, surface-functionalized carbonaceous nanoparticles characterized by an intense and tunable fluorescence, a marked sensitivity to the environment and a range of interesting photochemical properties. CDs are currently the subject of very intense research, motivated by their possible applications in many fields, including bioimaging, solar energy harvesting, nanosensing, light-emitting devices and photocatalyis. This review covers the latest advancements in the field of CDs, with a focus on the fundamental understanding of their key photophysical behaviour, which is still very debated. The photoluminescence mechanism, the origin of their peculiar fluorescence tunability, and their photo-chemical interactions with coupled systems are discussed in light of the latest developments in the field, such as the most recent results obtained by femtosecond time-resolved experiments, which have led to important steps forward in the fundamental understanding of CDs. The optical response of CDs appears to stem from a very complex interplay between the electronic states related to the core structure and those introduced by surface functionalization. In addition, the structure of CD energy levels and the electronic dynamics triggered by photo-excitation finely depend on the microscopic structure of any specific sub-type of CD. On the other hand, this remarkable variability makes CDs extremely versatile, a key benefit in view of their very wide range of applications.

Carbon dots are carbon-based nanoparticles renowned for their intense light-emitting capabilities covering the whole visible light range. Achieving carbon dots emitting in the red region with high efficiency is extremely relevant due to their huge potential in biological applications and in optoelectronics. Currently, photoluminescence in such an energy interval is often associated with polyheterocyclic molecular domains forming during the synthesis that, however, present low emission efficiency and issues in controlling the optical features. Here, we overcome these problems by solvothermally synthesizing carbon dots starting from Neutral Red, a common red-emitting dye, as a molecular precursor. As a result of the synthesis, such molecular fluorophore is incorporated into a carbonaceous core while retaining its original optical properties. The obtained nanoparticles are highly luminescent in the red region, with a quantum yield comparable to that of the starting dye. Most importantly, the nanoparticle carbogenic matrix protects the Neutral Red molecules from photobleaching under ultraviolet excitation while preventing aggregation-induced quenching, thus allowing solid-state emission. These advantages have been exploited to develop a fluorescence-based color conversion layer by fabricating polymer-based highly concentrated solid-state carbon dot nanocomposites. Finally, the dye-based carbon dots demonstrate both stable Fabry-Perot lasing and efficient random lasing emission in the red region.