In this work, a composite nanozyme, termed AuNCs/Fe-MIL, was obtained by combining glutathione-stabilized gold nanoclusters (AuNCs) on the surface of the Fe metal–organic framework (Fe-MIL-88B-NH2). The AuNCs/Fe-MIL nanocomposite retains the red emission of AuNCs, exhibiting unique dual-emission fluorescence with remarkable stability. This nanozyme exhibits improved peroxidase-like activity as a result of the heightened rate of electron transfer. As a result, the decomposition of H2O2 is accelerated, leading to the generation of more •OH radicals that oxidize 3,3′,5,5′-tetramethylbenzidine (TMB) into blue ox-TMB. The generated ox-TMB can quench the fluorescence of AuNCs/Fe-MIL in the red-light region. By leveraging the dual function of the catalytic product ox-TMB, a fusion of colorimetric and fluorescence signals enabled H2O2 detection within 10 min. The sensing platform demonstrated wide linear ranges of 5–1000 μM with a detection limit of 2.78 μM in colorimetry mode and 5–500 μM with a detection limit of 0.78 μM in fluorescence mode. This method was successfully utilized for accurate in situ monitoring of H2O2 release from different types of living cells. Additionally, a dual-mode portable sensing platform based on AuNCs/Fe-MIL/TMB hydrogel was constructed for convenient H2O2 detection. Through a smartphone application, precise quantitation of H2O2 added to milk samples was achieved. This work provides a rational design of multifunctional nanozymes for reliable biomimetic catalysis.