We report here the structural, optical, photoluminescence (PL), and magnetic investigation of Zn1−x−yFexMyO nanoparticles. The lattice constants and crystallite size are decreased by Fe, followed by a further decrease up to (Fe + M) = 0.30. A compressive stress is approved and the size of particle is between 180 and 277 nm and follows the sample order of ZnO, (Fe + Cu), (Fe + Ni), and Fe. Although a single value of energy gap (Eg) is found for pure and Fe-doped ZnO, two values of Eg (Egh and Egl) are found for the co-doped samples. The Eg is generally increased by Fe, followed by a further increase for the Cu-series, whereas it is decreased for the Ni-series. The refractive indices nK and nT proposed by different methods are generally decreased by Fe, followed by a further decrease for both series. Although Fe doped ZnO depressed the density of carriers (N/m*), it increased again for the co-doped samples. The residual dielectric constant ϵL is decreased by Fe, followed by an increase for the Cu-series, but it is decreased for the Ni-series. The loss factor tan δ increases slightly with Fe, followed by an increase for the Ni-series, but it decreases in the Cu-series. A significant depression of optical conductivity σopt by Fe was obtained, followed by a further decrease which is higher for the Cu-series. The PL shows four visible emissions. Interestingly, an IR emission at about 825 nm is only obtained for the co-doped samples. Furthermore, the blue emission (Iblue) was higher than UV (IUV), [(Iblue/IUV) > 1], but it is greater for the Ni series than the Cu. Although ZnO exhibits diamagnetic behavior, the Fe and co-doped samples exhibit ferromagnetic with higher magnetization for the Ni-series than the Cu. The current results recommend the co-doped samples in nanoscale for some of advanced devices.