Controlling the power density of exciting light is a widely applied technological approach to dynamically tuning emission spectra to yield desirable luminescence properties, which is essential for various applications in laser devices, cancer cell imaging, biomarker molecule detections, thermometers and optoelectronic devices. However, most of upconversion systems are insensitive to power regulation. In this study, a series of Yb/Ho doped NaYF4 microrods with different Yb concentrations was synthesized by using a sodium citrate-assisted hydrothermal method. The dependence of upconversion characteristics of NaYF4:Yb/Ho microrods on Yb concentration and excitation power density are investigated in detail by a laser confocal microscopy system. The emission spectra exhibit discrete upconversion emission characteristic peaks that can easily be assigned to 5F3→5I8 (at about 488 nm), 5F4, 5S2→5I8 (at about 543 nm), 3K7, 5G4→5I8 (at about 580 nm) and 5F5→5I8 (at about 648 nm) transitions of Ho, respectively. The upconversion spectra and synchronous luminescence imaging patterns show that the luminescence ratio of red to green is not only dependent on the Yb concentration, but also sensitive to the excitation power. With Yb concentration increasing from 5% to 60%, the sensitivity of the power-controlled red to green luminescence ratio largely increases from 0.1% to 13.0%, corresponding to a clear luminescent color modification from green to red. These results indicate that the power-tuned red-to-green-luminescence ratio can be used as a method of measuring and evaluating Yb doping concentration. We attribute the sensitivity tuned by Yb concentration to the differences in population approach and upconversion mechanism for the red and green luminescence. By recording the slope of luminescence intensity versus exciting power density in a double-logarithmic presentation, we detect a small slope for the green emission relative to that for the red emission, especially at a high Yb concentration. These results indicate that the red upconversion process may be a three-photon process. The exciting power induced color adjusting is therefore explained by preferential three-photon population of the red emission due to the high 5S2→5G4 excitation rate, which is verified by down-conversions of emission spectra. Our present study provides a theoretical basis for the spectral tailoring of rare-earth micro/nano materials and supplies a foundation for the applications in rare-earth materials.