A novel dual-mode luminescence multifunctional hybrid nanomaterial has been successfully prepared by coating the NaGdF4:Yb(3+),Er(3+),Eu(3+) nanoparticles (NPs) on the surface of MWCNTs. The as-synthesized MWCNTs-NaGdF4:Yb(3+),Er(3+),Eu(3+) nanocomposites (NCs) can simultaneously take advantage of both magnetic and optical properties of NaGdF4:Yb(3+),Er(3+),Eu(3+) NPs and the photothermal conversion property of MWCNTs. The samples were characterized by X-ray diffraction (XRD), scanning electron microscopy (SEM), energy-dispersive X-ray spectrometry (EDS), vibrating sample magnetometry (VSM), UV-Vis absorption, luminescence spectroscopy and fluorescence lifetime measurements. Meanwhile, the photothermal conversion was examined under irradiation with a 980 nm laser. The results show that the MWCNTs-NaGdF4:Yb(3+),Er(3+),Eu(3+) NCs have preferably magnetic, dual-mode (up- and down-conversion) luminescence and photothermal properties. And the NCs have good biocompatibility, low toxicity and up-conversion luminescence for cell imaging. As a consequence, the dual-mode luminescence multifunctional nanomaterials have potential applications in environmental science fields and clinical fields for magnetic resonance imaging, fluorescence imaging, photothermal therapy, bioseparation and targeted drug delivery.