Luminescence-tunable multicolored LaF:xCe,xGd,yEu (x = 5; y = 1, 5, 10, and 15 mol%) nanoparticles have been synthesized via a low cost polyol method. Powder X-ray diffraction and high-resolution transmission electron microscopy studies confirm the hexagonal phase of the LaF:xCe,xGd,yEu nanophosphors with average sizes (oval shape) ranging from 5 to 7 nm. Energy-dispersive X-ray spectroscopy analyses show the uniform distribution of Ce, Gd, and Eu dopants in the LaF host matrix. The photoluminescence spectra and electron paramagnetic resonance measurements guarantee the presence of Eu, corroborated through DC susceptibility measurements of the samples displaying paramagnetic behavior at 300 K, whereas weak ferromagnetic ordering is shown at 2 K. The non-radiative energy transfer processes from the 4f(F) → 5d state (Ce) to the intraconfigurational 4f excited levels of rare earth ions and simultaneous emissions in the visible region from the 4f5d (Eu) and D (Eu) emitting levels, leading to overlapped broad and narrow emission bands, have been proclaimed. The energy transfer mechanism proposes involvement of the Gd ion sub-lattice as the bridge and finally trapping by Eu, upon excitation of the Ce ion. The calculation of experimental intensity parameters (Ω) has been discussed and the highest emission quantum efficiency (η = 85%) of the Eu ion for the y = 10 mol% sample is reported. The advantageous existence of the Eu/Eu ratio along with variously doped nanomaterials described in this work, results in tunable emission color in the blue-white-red regions, highlighting the potential application of the samples in solid-state lighting devices, scintillation devices, and multiplex detection.