In this study, Volvariella volvacea (VV) mushroom was utilized as a green carbon precursor to synthesize carbon dots (CDs) and applied as a fluorescent (FL) sensor to detect Fe3+ and Pb2+ ions. The VV-CDs showed a high photostability and FL properties with a quantum yield of about 11.5%. The VV-CDs exhibited an excitation-dependent emission manner, with an optimum emission wavelength at 440 nm excited at 360 nm. The VV-CDs were evaluated and shown to be facile and effective FL sensors for detecting Pb2+ and Fe3+ ions based on the FL quenching efficiency, demonstrating the special complex chelate between the metal ions and effective surface functional groups of VV-CDs. VV-CDs displayed high responses to Fe3+ and Pb2+ ions, with the linear relationship of 1-100 μM and limits of detection (LODs) of 12 and 16 nM for Pb2+ and Fe3+ ions, respectively. Furthermore, the FL sensor was validated with real water samples, showing very good spike recoveries.