Green and facile approaches aiming at the manufacture of biocompatible paper-based optical sensors reporting the presence of photoluminescence (PL) modulating compounds is an emerging field of research. This study investigates the preparation of bacterial cellulose nanopaper containing covalently immobilized carbon dots for potential biosensing applications. Preliminary work of this feasibility study included TEMPO-mediated ((2,2,6,6-tetramethylpiperidin-1-yl)oxyl-mediated) oxidation and nanofibrillation of bacterial cellulose (TOBC) on the one hand as well as synthesis and comparative analysis of different types of carbon dots (CDs) on the other hand. The two source materials of the targeted functional nanopaper were finally linked to each other by two different N-(3-dimethylaminopropyl)-N′-ethylcarbodiimide hydrochloride/ N-hydroxysuccinimide (EDC/NHS) coupling approaches to clarify whether grafting of CDs prior to or after TOBC paper formation would be the method of choice. Synthesis of the carbon nanodots was accomplished by microwave-assisted co-hydrothermolysis of appropriate precursor compounds. After isolation and purification by dialysis particles in the single-digit nanometer-range were obtained and characterized with regard to their photoluminescence properties in terms of emission wavelength, pH stability, and quantum yield. All types of synthesized CDs reached their PL maxima (450–480 nm; light blue) in a narrow excitation wavelength range of 340–360 nm. Variation of molar (C/N) ratio of the CD precursors and substitution of the nitrogen donor EDEA by urea increased PL and quantum yield (QY), respectively. The highest relative QY of nearly 32% was obtained for CDs synthesized from citric acid and urea. PL of all CDs was virtually insensitive to pH changes in the range of 4–10. Tensile testing of hybrid nanopaper prepared after EDC/NHS-mediated grafting of GEA-type CDs onto TOBC (0.52 mmol·g−1 COOH) in dispersion state revealed that both stiffness and strength are not compromised by incorporation of carbon dots, while plastic deformation and elongation at break increased slightly compared to nanopaper formed prior to decoration with CDs. Water contact angle of the nanopaper is unaffected by introduction of carbon dots which is supposedly due to the presence of surface amino- and amide groups compensating for the loss of carboxyl groups by grafting.