The development of phosphorescent materials with time-dependent phosphorescence colors (TDPCs) is of considerable interest for application in advanced dynamic information encryption. In this study, TDPC is realized in carbon dots (CDs) synthesized by the one-pot hydrothermal treatment of levofloxacin. CD ink printed on paper (CD@paper) exhibits a change in phosphorescence color from orange to green, 1 s after irradiation with 395 nm light. However, when irradiated with wavelengths shorter or longer than 395 nm, the CD@paper exhibits only green or red phosphorescence, respectively. The red and green phosphorescence originates from the low-energy surface oxide triplet state and high-energy N-related triplet state, respectively. When irradiated with a suitable light energy (around 395 nm wavelength), the two phosphorescent centers can be simultaneously activated, emitting red and green phosphorescence with different decay rates. The red and green phosphorescence merge into an orange phosphorescence initially, exhibiting the TDPC phenomenon. Based on the unusual phosphorescent properties of the CDs, a kind of multilevel, dynamic phosphorescence colored 3D code is designed for advanced dynamic information encryption.