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Carbon dots (CDs) are recognized as promising fluorescent nanomaterials with bright emission and large variations of photoluminescence quantum yield (PLQY). However, there is still no unique approach for explanation of mechanisms and recipes for synthetic procedures/chemical composition of CDs responsible for the enhancement of PLQY. Here, we compare photophysical behavior and PLQY of two types of CDs synthesized by different routes, leading to the different extent of oxidation and composition. The first type of CDs represents a conjugated carbon system oxidized by F, N and O heteroatoms, whereas the second type represents a non-conjugated carbon system oxidized by oxygen. Photophysical data, photoemission spectroscopy and microscopy data yield the suggestion that in the first case, a structure with a distinct carbon core and highly oxidized electron-accepting shell is formed. This leads to the excitonic type non-tunable emission with single-exponent decay and high PLQY with a strong dependence on the solvent polarity, being as high as 93% in dioxane and as low as 30% in aqueous medium, but which is vulnerable to photobleaching. In the second case, the oxidized CDs do not indicate a clear core-shell structure and show poor solvatochromism, negligible photobleaching, low PLQY varying in the range of 0.7-2.3% depending on the solvent used, and tunable emission with multi-exponent decay, which can be described by the model of multiple emission centers acting through a clustering-triggered emission mechanism. The obtained results lead to a strategy that allows one to design carbon nanomaterials with principally different PLQYs that differ by orders of magnitude., Funding Agencies|Knut och Alice Wallenbergs Stiftelse; Knut and Alice Wallenberg Foundation (KAW) through the Wallenberg Wood Science Center [101008159]; EU [52310672]; Visegrad Scholarship Program; Swedish Research Council [2021-00171, RIF21-0026]; SSF for access to ARTEMI