Cobalt ferrite nanoparticles (NPs) doped with rare earth (RE) metals with general formula CoFe2-xRExO4 (RE=Yb, Dy, Gd; x = 0.0 - 0.3) were synthesized by the co-precipitation method followed by post thermal treatment. The influence of RE doping on structural, magnetic and thermal properties and potential biomedical applications like magnetic hyperthermia has been investigated. In the as-prepared samples RE cations enter the spinel lattice as detected by X-ray diffraction. Thermal treatment leads to thermodynamically stable and relaxed single-phase spinel structures only for lower RE content, x = 0.01-0.05. However, annealed samples present higher mass magnetization values (MS), up to 83 Am2/kg. RE content also affects MS, especially in the case of annealed samples where it decreases linearly with x from about 80 Am2/kg (x = 0.01) to about 60 Am2/kg (x = 0.30). Thermal treatment induces a reduction in coercivity from 60-100 mT for as-prepared samples to 18-33 mT for annealed samples, in a nonlinear manner with respect to RE content. Heating efficiency, i.e., Specific Loss Power (SLP), of all samples has been studied using both magnetometric and calorimetric method to deeper examine the energy loss mechanisms involved.