A novel multifunctional complex [Dy4(OH)2(bpt)4(NO3)6(EtOH)2]∙EtOH (1, Hbpt = 3,5-bis(pyridin-2-yl)-1,2,4-trizolate) was designed, based on the self-assembly under hydrothermal condition, displaying properties of single-molecule magnets (SMMs), white light-emitting and ferroelectricity. Studies of static and dynamic magnetism reveal the SMMs behaviour of 1 with energy barrier Ueff = 43.22(8) K. Furthermore, strategy of dichromatic mixture of blue (bpt-) and yellow (Dy3+) emissive colours was utilized to obtain white-light emission through modulation of excitation wavelength. This way has been worked up to create lanthanide-based fluorescent molecular magnet recently. Besides, ferroelectricity, a “plus” feature, was added to cluster as a result of polar point group C2v.