The most important aspects of a dynamical system are its stability and the factors which affects the stability property. This paper presents the analysis of the effects of albedo and disc on the zero velocity curves, existence of equilibrium points and on their linear stability in a generalized restricted three body problem that consists of motion of an infinitesimal mass under the uniform gravity field of radiating-oblate primary, oblate secondary and a disc, which is rotating about the common center of the mass of the system. A significant effect of albedo and disc are observed on the zero velocity curves, positions of equilibrium points and on the stability region. Linear stability analysis of collinear equilibrium points is performed with respect to mass ratio µ and albedo parameter of secondary, separately and it is found that these are unstable in both the cases. On the other hand, non-collinear equilibrium point is stable in a certain range of mass ratio. After analyzing individual as well as combined effect of radiation pressure force of the primary, albedo of secondary, oblateness of both the massive bodies and the disc, it is found that these perturbations play a significant on the motion of infinitesimal mass in the vicinity of equilibrium points. These results may be help to analyze more generalized problem of few bodies under the influence of different kind of perturbations such as P-R drag, solar wind drag etc. Present study is limited to the regular symmetric disc which will extend later.