Stimuli-responsive organic materials with controllable luminescence are of enormous importance because of their potential applications in sensing, data security, and display devices. In this study, a multistimuli-responsive squaraine dyad (SQ-d) composed of two rigid squaraine moieties and a flexible ethylene linker was rationally designed and synthesized. SQ-d exhibits polymorphic luminescence, which can be reversibly switched by various external stimuli, including solvent vapor exposure, heat, and shear force. Unexpectedly, the weakly luminescent phase (O1) of SQ-d exhibits concentration-controlled vapochromic behavior. Film O1 can convert to a highly green-emissive phase (G1) under a low concentration of CHCl3 vapor and convert to a highly yellow-emissive phase (Y) under a high concentration of CHCl3 vapor; these originate from two distinct crystallization-induced emission enhancement processes. To the best of our knowledge, this is the first investigation of the effect of vapor concentration on the phase transitions of organic vapochromic luminophores. By analyzing the single-crystal structures and photophysical properties of SQ-d, we concluded that the green and yellow emissions probably originated from a zigzag stacking mode and an H-type π-π stacking mode, respectively. Finally, two prototypes based on SQ-d for applications in information encryption and vapor sensing were successfully demonstrated.