The introduction of N doping atoms in the carbon network of Carbon Dots is known to increase their quantum yield and broaden the emission spectrum, depending on the kind of N bonding introduced. N doping is usually achieved by exploiting amine molecules in the synthesis. In this work, we studied the possibility of introducing a N–N bonding in the carbon network by means of hydrothermal synthesis of citric acid and hydrazine molecules, including hydrated hydrazine, di-methylhydrazine and phenylhydrazine. The experimental optical features show the typical fingerprints of Carbon Dots formation, such as nanometric size, excitation dependent emission, non-single exponential decay of photoluminescence and G and D vibrational bands in the Raman spectra. To explain the reported data, we performed a detailed computational investigation of the possible products of the synthesis, comparing the simulated absorbance spectra with the experimental optical excitation pattern. The computed Raman spectra corroborate the hypothesis of the formation of pyridinone derivatives, among which the formation of small polymeric chains allowed the broad excitation spectra to be experimentally observed.