In order to realize preferable white light-emitting diodes with high color rendering index and optimized luminous efficiency, white InGaN/GaN multi-quantum-well dual-wavelength light-emitting diodes (LEDs) were grown on (0001)-oriented sapphire substrates by metal-organic chemical vapor deposition (MOCVD). Photoluminescence and electroluminescence properties of dual-wavelength LEDs with different In content were also studied. The experimental results indicated that In component plays a critical role on stability for electroluminescence spectrum and luminous efficiency of the dual-wavelength LED structures. In addition, YAG∶Ce phosphor-converted white light emission with high color rendering index was achieved using dual-blue emitting active regions.