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Multifunctional Gd 2 O 3 :Tb3+ nanoparticles doped with different concentrations of K+/Co2+ were synthesized by polyol method. The samples were characterized by X-ray diffractometer (XRD), Fourier transform infrared spectrometer (FTIR), field emission scanning electron microscope (SEM), X-ray energy spectrometer (EDS), Malvern laser particle size analyzer, transmission electron microscope (TEM), photoluminescence spectrometer (PL), vibrating sample magnetometer (VSM) and magnetic resonance imager (MRI). The results showed that the synthesized spherical particles were cubic crystals with a diameter of 12–15 nm. Significant increase in fluorescence intensity was observed for Gd 2 O 3 :Tb3+ doped with K+/Co2+ ions. The optimal doped ion concentrations were found to be 3 mol% K+ ions and 4 mol% Co2+ ions, and the corresponding absolute quantum yields (QYs) were 7.21% and 5.90%. The maximum magnetization was obtained for the sample doped with 3 mol% K+/Co2+ ions. The ion-doped samples showed enhanced r 1 relaxivity of water protons. Therefore, the multifunctional nanoparticles Gd 2 O 3 :Tb3+ doped with K+/Co2+ ions can potentially be used in displays, luminescence and MR bimodal imaging, sensors, magnetic separat, and other applications. • Gd 2 O 3 :Tb3+ nanoparticles doped with K+/Co2+ were synthesized by polyol method. • Increased fluorescence intensity was observed for Gd 2 O 3 :Tb3+ doped with K+/Co2+. • The optimized magnetic performance was obtained by doping with 3 mol% K+/Co2+. • Doping with K+/Co2+ was advantageous for shortening T 1 of hydrogen protons. [ABSTRACT FROM AUTHOR]