New-typed coaxial nanobelts with magnetism and tunable fluorescent color bifunctionality have been successfully fabricated by electrospinning technology using a specially designed coaxial-spinneret. The synthesized coaxial nanobelts are composed of CoFe 2 O 4 /polymethyl methacrylate (PMMA) as the magnetic core and [Tb(BA) 3 (phen) ? Eu(BA) 3 (phen)]/PMMA (BA = benzoic acid, phen = 1,10-phenanthroline) as the photoluminescent shell. The morphology and properties of the final products have been investigated in detail by X-ray diffractometry, scanning electron microscopy, biological microscopy, vibrating sample magnetometry and fluorescence spectroscopy. The emitting color of the coaxial nanobelts can be tuned by adjusting the mass ratios of Tb(BA) 3 (phen) and Eu(BA) 3 (phen) in a wide color range from red to yellow to green under the excitation of 274-nm single-wavelength ultraviolet light. The luminescent intensity and magnetic property of the coaxial nanobelts can also be tuned. Furthermore, the coaxial nanobelts provide higher luminescent performance than CoFe 2 O 4 /[Tb(BA) 3 (phen) ? Eu(BA) 3 (phen)]/PMMA composite nanobelts. This new type of magnetic and color-tunable bifunctional coaxial nanobelt has the potential to be applied in novel nano-biolabel materials, drug delivery materials, and future nanodevices owing to their excellent magnetic-fluorescent properties, flexibility, and insolubility.