Carbon dots (CDs) have rigorously been investigated on their unique fluorescent properties but rarely their electrogenerated chemiluminescence (ECL) behavior. We are here to report a dual-peak ECL system of CDs, one at −2.84 V (ECL-1) and the other at −1.71 V (ECL-2) during the cyclic sweep between −3.0 and 3.0 V at scan rate of 0.2 V s–1 in 0.1 M tetrabutyl ammonium bromide (TBAB) ethanol solution, which is more efficiency to distinguish metallic ions than single-peak ECL. The electron transfer reaction between individual electrochemically reduced nanocrystal species and coreactants led to ECL-1, in which the electron injected to the conduction band of CDs in the cathodic process. Ion annihilation reactions induced direct formation of exciplexes that produced another ECL signal, ECL-2. ECL-1 showed higher sensitivity to the surrounding environment than ECL-2 and thus was used for ECL detection of metallic ions. Herein, we can serve as an internal standard method to detect iron ions. A linear relationship of the intensity ratio R of ECL-1 and ECL-2 to iron ions was observed in the concentration extending from 5 × 10–6 to 8 × 10–5 M with a detection limit of 7 × 10–7 M.