Asymmetric, multilevel, switchable, and reversible encryption is realized by algorithm encryption, which plays an important role in encryption technology. Fluorescence lifetime encryption is currently not executed by an algorithm. It is well-known that the short fluorescence lifetime (τ1), long fluorescence lifetime (τ2), amplitude-weighted average fluorescence lifetime (τm), and intensity-weighted average fluorescence lifetime (τi) can be obtained using a double exponential fitting, and then these four lifetime parameters can be considered as four lifetime algorithms. Therefore, we propose that the acquisition of these four fluorescence lifetimes can be regarded as further dividing the lifetime by different algorithms and optimizing lifetime multiplexing. Moreover, the four lifetime algorithms of τ1, τm, τ2, and τi can be switched between each other and can be used to perform asymmetric, multilevel, and reversible lifetime encryption to effectively increase the difficulties of anticounterfeiting.