We have synthesized carbon nanoparticles (CNPs) via the sol-gel method using dextrose as carbon source with different concentration of ethanol. The effects of ethanol concentration (0.2 to 2.0 M) on the chemical network, electrochemical and photoluminescence properties of CNPs were examined using Fourier transform infra-red (FTIR) spectroscopy, Raman spectroscopy, cyclic voltammetry and photoluminescence (PL) spectroscopy. Field emission scanning electron microscopy (FESEM) image of CNPs shows CNPs of 40-80 nm were synthesized by sol-gel method. Chemical network study reveals the presence of various bonds such as C-H, C-H2, C-H3 and aromatic carbon present on the surface of the CNPs. Raman spectra shows that increasing of ethanol concentration decreases the crystalline size of CNPs. Cyclic voltammetry analysis shows prominent oxidation peaks at 0.1-0.2 V whereas the reduction peak observed at 0.2 V. The observed room temperature PL peak at 2.9 eV confirms a blue emission from CNPs.