In this work, the detection of Cu2+ and Fe3+ with naphthalene labeled poly(acrylic acid) (PAA150Np3) was investigated. Other metal ions such as Ag+, Li+, K+, Na+, Ba2+, Mg2+, Ca2+, Zn2+ and Ni2+ were also considered to analyze the sensor performance. The fluorescence quenching of the naphthalene (Np) graft was assessed from the emission spectra and the fluorescence decays of PAA150Np3 in the presence of Cu2+ or Fe3+. The Stern-Volmer and Hill constants, as well as the detection limits of the studied ions were obtained considering the emissions of both the monomer and the excimer of Np. The polymer conformation was investigated by changing the metal ion concentration or the pH. The polymeric sensor showed high selectivity and sensitivity for Cu2+ or Fe3+. A static mechanism of fluorescence quenching was unveiled for the Np graft. A more stable complex formed between PAA150Np3 and Fe3+, as compared to the counterpart system with Cu2+. The sensor’s performance, including detection limit and selectivity of Cu2+ or Fe3+ ions, is higher than of most currently reported sensors. The study shows that the multifunctional fluorescent polymer sensor has the potential to be used in real-life samples, in bio-systems and environmental applications.