Herein, a series of Mn-activated ZnGa2O4 (ZGO) phosphors have been developed for multifunctional applications. The characteristic green and red emission at 503 and 668 nm of Mn-activated ZGO phosphors can be observed under excitation of 247 and 375 nm, respectively, attributed to the partial oxidation of Mn2+ ions resulting in the coexistence of Mn2+ and Mn4+ ions in the host lattice. The valence modulation of Mn content not only realizes the adjustment of red and green luminescence intensity but also achieves the management of persistent luminescence time and thermo-luminescence time. Further, the codoping of Mg2+ could transform the position occupancy preference of Mn and effectively facilitate the conversion of Mn2+ to Mn4+, leading to the regulation of the valence state of manganese ions. Surprisingly, the existence of Mg2+ ions broadens the emission band of Mn4+ and enhances the photoluminescence intensity to 3.8 times, which can be ascribed to the weakened crystal field leading to the downward shift of the 4T2 energy level and the increase of Mn4+ concentration. For this valence modulation behavior, two different hypotheses about the occupancy of Mg2+ have been proposed to explain the corresponding phenomenon. Finally, the potential applications of the synthesized phosphors have been explored in advanced anticounterfeiting strategies, information storage, and plant lighting field.