Solvothermal reaction of 5,5′‐(pyridine‐2,6‐diylbis(oxy))diisophthalic acid (H4L) with europium(III) or terbium(III) nitrates in acetonitrile‐water (1 : 1) at 120 °C gave rise to isostructural 2D coordination polymers, [Ln(HL)(H2O)3]∞ (NIIC‐1‐Eu and NIIC‐1‐Tb), the layers of which are composed by eight‐coordinated lanthanide(III) ions interconnected by triply deprotonated ligands HL3−. The layers are packed in the crystal without any specific intermolecular interactions between them, allowing the facile preparation of stable water suspensions, in which NIIC‐1‐Tb exhibited top‐performing sensing properties through luminescence quenching effect with exceptionally low detection limits towards Fe3+ (LOD 8.62 nM), ofloxacin (OFX) antibiotic (LOD 3.91 nM) and cotton phytotoxicant gossypol (LOD 2.27 nM). In addition to low detection limit and high selectivity, NIIC‐1‐Tb features fast sensing response (within 60–90 seconds), making it superior to other MOF‐based sensors for metal cations and organic toxicants. The photoluminescence quantum yield of NIIC‐1‐Tb was 93 %, one of the highest among lanthanide MOFs. Mixed‐metal coordination polymers NIIC‐1‐EuxTb1−x demonstrated efficient photoluminescence, the color of which could be modulated by the excitation wavelength and time delay for emission monitoring (within 1 millisecond). Furthermore, an original 2D QR‐coding scheme was designed for anti‐counterfeiting labeling of goods based on unique and tunable emission spectra of NIIC‐1‐Ln coordination polymers.