A dual locking padlock having a code locking mechanism and an overriding mechanism is disclosed. The housing has a top body, a stack of dials and clutches mounted on a bottom body, and a spindle engaging with the clutches. The spindle has a channel to store the heel of a shackle. An upward movement of the spindle allows the shackle to be pulled upward to unlock the padlock. Each dial has a plurality of teeth with slope-like surfaces to engage with the wave slots of a clutch. Clutches are rotatable relative to the spindle only when the lock is in the locked mode along with the dials. In the opened mode, a dial can be turned relative to a clutch by disengaging the teeth from wave-slots. The spindle is allowed to move upward either when a correct combination code is used or when a key activates the overriding mechanism.