The design and the development of contrast agents for magnetic resonance imaging (MRI), with improved chemical stability and higher contrasting capability for clinical translation, compared to conventional contrast agents, is still of great interest. In this study, a facile and universal approach was explored for controllable functionalization of red-emissive carbon nanodots (RCNDs) with diethylenetriaminepentaacetic anhydride (DTPA) for chelation of gadolinium. A series of accurate characterizations were used to control each step of the synthesis. The functionalization did not alter the band gap of the carbon nanodots, preserving their inherent far-red fluorescence. The as-prepared RCND-DTPA-Gd displayed a high colloidal stability with negligible Gd leakage. The nanodots showed also a better magnetic resonance relaxivity than commercial MRI agents. RCND-DTPA-Gd owned good biocompatibility in vivo even at high doses. Systemically injected RCND-DTPA-Gd were found to be efficiently excreted through the renal route, a feature that further minimizes potential toxicity risks. All these properties suggest that carbon nanodots can be well designed as efficient carriers of Gd, resulting in potential clinical tools as dual MRI/fluorescence functional probes for imaging applications. The approach described here could pave the pathway to a flexible strategy for controllable functionalization of small-size nanoparticles including carbon dots, rendering them more versatile. This work is expected to promote future translation of carbon nanodots into clinical trials.