White‐light emitting polymers (WLEPs) based on aggregation microenvironment‐sensitive aggregation‐induced emission (AIE) and Förster resonance energy transfer (FRET) have aroused great interest in lighting and optoelectronic devices. Herein, we developed a novel strategy to construct WLEP particles via a stepwise self‐stabilized precipitation polymerization of two emission‐complementary AIEgens under core–shell engineering, where the AIE characteristics and FRET process of core–shell fluorescent polymeric particles (CS‐FPPs) could be modulated by altering aggregation microenvironment under swelling and shrinking of polymers, facilitating the tunable white light emission of CS‐FPPs. Furthermore, such tuning could be fast realized in the solid state, thus demonstrating the potential in anti‐counterfeiting. This work proved the significance of aggregation microenvironment on emission of luminogens, guiding the development of high‐efficiency emission‐tunable materials.