Nipah virus is a newly discovered infectious illness in a crowded world. It has a deadly impact on both the human and animal populations. Controlling the disease will need a deeper understanding of the route of transmission. To better explain how the illness behaves, an epidemic system consisting of eight separate compartments has been devised based on the actual requirement, which uses a set of fractional-order differential equations. With the assistance of the next-generation matrix method, the basic reproduction numbers for humans ($\mathscr R_0^m$) and animals ($\mathscr R_0^a$) are determined. Depending upon the numerical quantity of $\mathscr R_0^m, \mathscr R_0^a$, the feasibility and existence requirements of the system at the equilibria are investigated. Also, we observe that the system displays two transcritical bifurcations: one occurs at $\mathscr R_0^a=1$ for any value of $\mathscr R_0^m$ and the second one occurs at $\mathscr R_0^m=1$ for $\mathscr R_0^a<1$. Additionally, we looked at optimal control strategies by considering treatment and media as two dynamic control variables. Two ratios are computed to evaluate the cost-effectiveness of all feasible control measures: the incremental cost-effectiveness ratio and the infected averted ratio. Moreover, the impact of system parameters on disease transmission is determined by performing the sensitivity analysis.