Solution combustion synthesized ZnO nanoparticles that were Ce doped, Dy doped or co-doped at varying dopant concentrations were characterized for their microstructural, optical, and photoluminescence (PL) characteristics. The synthesized nanoparticles matched the standard hexagonal wurtzite structure of ZnO. The lattice fringes in the high-resolution transmission electron micrographs and the bright spotty rings in the selected area electron diffraction patterns authenticated the high crystallinity of the nanoparticles. The diffuse reflectance spectroscopy resolved the energy bandgap for the undoped ZnO as 3.18 eV, which decreased upon doping and co-doping. A sharp narrow ultraviolet emission peak at $398 nm that originated from excitonic recombination was found in the PL spectra of the nanoparticles. The visible emission peaks in the PL spectra were assigned to the f-d and f-f electron transitions of Ce 3+ and Dy 3+ ions, respectively, in addition to different native defects in ZnO.The visible emissions (blue, yellow, and red) improved upon (Ce, Dy) co-doping, therefore (Ce, Dy) co-doped ZnO nanoparticles can be considered a promising luminescent material for the development of energy-saving light sources.