Acetaminophen, also known as paracetamol (APAP), is a commonly used over-the-counter medication that is often used to treat headaches, toothaches, joint pain, muscle pain, and to lower body temperature. However, overdose can lead to liver damage, gastrointestinal distress, kidney damage, and cardiovascular disease. Therefore, it is very important to establish a method to quickly detect APAP. A novel “ON-OFF-ON” colorimetric and fluorescence dual-signal sensing system was constructed for the quantitative detection of APAP based on 5,10,15,20-tetrakis(4-sulphonatophenyl) porphyrin (TSPP) dual-signal probe. The absorbance and fluorescence intensity of TSPP respectively were quenched when Fe3+ was introduced into TSPP solution. At this point, the color of the corresponding solution changed from red to green. The absorbance and fluorescence intensity of TSPP respectively were restored when APAP was added to the TSPP-Fe3+ system. At this time, the color of the solution changed from green to colorless. Therefore, an “ON-OFF-ON” dual-signal sensing study of APAP were constructed using TSPP as the colorimetric and fluorescent probe. The proposed colorimetric sensing system had a wide linear range in the 13.12 mM ∼ 23.20 mM with 0.11 mM of limit of detection (LOD, S/N = 3). And the proposed fluorescence sensing system had a wide linear range in the 3.45 mM ∼ 12.50 mM and 41.67 mM ∼ 65.22 mM with 0.83 mM of limit of detection (LOD, S/N = 3). The dual-signal sensing system were applied to the APAP detection of real samples.