Long-lived afterglow materials have attracted considerable interest in the fields of information security and illumination. Herein, a novel carbon dot (CD)-based thermally activated delayed fluorescence (TADF) material was synthesized by embedding sulfur-doped CDs (SCDs) into a graphitic carbon nitride matrix. The formation of covalent bonds between the matrix and SCDs enhances the stabilization of the triplet state in the composite, effectively suppressing nonradiative transitions. This stabilization, coupled with the effects of sulfur doping and covalent bonding, reduces the singlet–triplet splitting energy in the composite, thereby facilitating reverse intersystem crossing and resulting in TADF emission. This composite material has been successfully employed in the development of three types of CD-based white light–emitting diodes (WLEDs) excited by blue light. These WLEDs exhibit color temperatures of 7641, 5590, and 3215 K, with CIE coordinates of (0.30, 0.29), (0.33, 0.30), and (0.42, 0.40), respectively. The corresponding values of the color rendering index are recorded as 81.86, 90.13, and 75.07. In addition, this research provides a brief demonstration of the potential of the composite in information encryption and visible-light encryption applications. Furthermore, this study contributes to the advancement of CD utilization in the WLED field, promoting the development of next-generation CD-based WLEDs with exceptional properties.