The direct conversion of syngas to ethanol is highly attractive but remains challenging due to low CO conversion and poor EtOH/ROH. We investigated the conversion of syngas over a KNiMo2C catalyst modified with carbon dots (CDs) derived from Ligustrum lucidum leaves. On the Ni0.54Mo-A catalyst, a CO conversion of 43.4 % was achieved, with oxygenates selectivity and EtOH/ROH,reaching 48.2 % and 63.7 %, the space-time yield of ethanol was 132.5 mg/gcat/h. Comprehensive characterization revealed that CDs regulate the distance between Ni-Mo active sites, preventing excessive proximity and maintaining an optimal separation. This adjustment significantly enhances EtOH/ROH by modulating the probability of carbon chain growth. A potential new reaction pathway for directly converting syngas to ethanol is proposed, The C-C coupling of CHx* with *COOH or *CO2 is identified as a key step in carbon chain growth. This work provides a new catalytic pathway for the syngas to ethanol industry.