Photodynamic immunotherapy which combines photodynamic therapy with immunotherapy has become an important and effective method for the treatment of cancer. However, most cancer photodynamic immunotherapeutic systems are not able to achieve precise release of immunomodulators, resulting in systemic side effects and poor patient outcomes. Herein, a dual‐activatable nano‐immunomodulator (DIR NP), which both its photodynamic effect and agonist release can be activated under specific stimuli, is reported for precision cancer photodynamic immunotherapy. The DIR NP is self‐assembled from an R848‐conjugated amphiphilic polymer (mPEG‐TK‐R848) and a hydrophobic oxidized bovine serum albumin (BSA‐SOH)‐conjugatable photosensitizer (DIR). DIR NPs may generate a small amount of 1O2 under 808 nm laser irradiation, leading to the cleavage of thioketal (TK) moiety and release of R848 and DIR. The released DIR may conjugate with tumor‐overexpressed BSA‐SOH, improving its photodynamic efficiency and NIR‐II fluorescence signal. Such photodynamic efficiency improvement may further enhance the release of cargoes upon irradiation. The activated photodynamic effect induces immunogenic cell death (ICD) to release immune factors and R848 can enhance the maturation of dendritic cells for inhibiting the growth of both primary and distant tumors and eliminating lung metastasis. Therefore, this study provides a dual‐activatable intelligent nano‐immunomodulator for precise regulation of tumor photodynamic immunotherapy.