A series of novel photo- and ionochromic N-acylated 2-(aminomethylene)benzo[b]thiophene-3(2Н)-ones with a terminal phenanthroline receptor substituent was synthesized. Upon irradiation in acetonitrile or DMSO with light of 436 nm, they underwent Z–E isomerization of the C=C bond, followed by very fast N→O migration of the acyl group and the formation of nonemissive O-acylated isomers. These isomers were isolated preparatively and fully characterized by IR, 1H, and 13C NMR spectroscopy as well as HRMS and XRD methods. The reverse thermal reaction was catalyzed by protonic acids. N-Acylated compounds exclusively with Fe2+ formed nonfluorescent complexes with a contrast naked-eye effect: a color change of the solutions from yellow to dark orange. Subsequent selective interaction with AcO− led to the restoration of the initial absorption and emission properties. Thus, the obtained compounds represent dual-mode “on–off–on” switches of optical and fluorescent properties under sequential exposure to light and H+ or sequential addition of Fe2+ and AcO− ions.