AbstractThe selective monitoring of G‐quadruplex (G4) structures in living cells is important to elucidate their functions and reveal their value as diagnostic or therapeutic targets. Here we report a fluorogenic probe (CV2) able to selectively light‐up parallel G4 DNA over antiparallel topologies. CV2 was constructed by conjugating the excimer‐forming CV dye with a peptide sequence (l‐Arg‐l‐Gly‐glutaric acid) that specifically recognizes G4s. CV2 forms self‐assembled, red excimer‐emitting nanoaggregates in aqueous media, but specific binding to G4s triggers its disassembly into rigidified monomeric dyes, leading to a dramatic fluorescence enhancement. Moreover, selective permeation of CV2 stains G4s in mitochondria over the nucleus. CV2 was employed for tracking the folding and unfolding of G4s in living cells, and for monitoring mitochondrial DNA (mtDNA) damage. These properties make CV2 appealing to investigate the possible roles of mtDNA G4s in diseases that involve mitochondrial dysfunction.