We designed and synthesized multifunctional group substituted naphthalimide (MFGNI) dyes by introducing glycine ethyl ester and azetidine on 1,8-naphthalimide. With different azetidine substituents, the emission of the MFGNI dyes was shifted from blue to green. These MFGNI dyes exhibited high photoluminescence quantum yields (61% to 85%) and large Stokes shifts (67 nm). The amides and hydroxyl groups improved the photostability of the MFGNI dyes. Due to the small molecular weight and lipophilic properties, these MFGNI dyes specifically stained lipid droplets in living cells.