Carbon dots (CDs), as a rising star among fluorescent nanomaterials with excellent optical properties and fascinating dual-emission characteristics, have attracted increasing attention in sensing, bio-imaging, drug delivery, and so on. The synthesis of dual-emission CDs (DE-CDs) and the establishment of ratiometric fluorescence sensors can effectively diminish background interference and provide more accurate results than single-emission CDs. Although DE-CDs have generated increased attention in many fields, the review articles about DE-CDs are still insufficient. Therefore, we summarized the latest results and prepared this review. This review first provides an overview of the primary synthesis route and commonly used precursors in DE-CDs synthesis. Then, the photoluminescence mechanism behind the dual-emission phenomenon was discussed. Thirdly, the application of DE-CDs in metal cation detection, food safety analysis, biosensing, cell imaging, and optoelectronic devices has been extensively discussed. Finally, the main challenges and prospects for further development are presented. This review presents the latest research progress of DE-CDs synthesis and its application in ratiometric sensing; hopefully, it can help and encourage researchers to overcome existing challenges and broaden the area of DE-CDs research.