This study explores the influence of chromium content and temperature on the magnetic characteristics of ZnO synthesized via the cost-effective coprecipitation approach. The host ZnO structure is not significantly changed by chromium doping, even at 5 wt.% of chromium concentration, according to x-ray diffraction studies. The Zn–O characteristic stretching vibration band at 480 cm−1 and the other functional group attached to the Cr-doped ZnO nanoparticles are confirmed by Fourier-transform infrared (FTIR) spectroscopy studies. Diffuse reflectance spectroscopy analysis shows the interaction between chromium ions and ZnO causes bandgap narrowing, and the observed optical bandgap values fall as chromium content increases in the host ZnO matrix. Point defects such as zinc interstitial, zinc vacancy, and oxygen vacancy that exist in the Cr-doped ZnO nanoparticles are inveterate through photoluminescence spectroscopy. Vibrating sample magnetometry investigations reveal weak ferromagnetic behavior at low applied fields and diamagnetic signatures dominating at high applied fields in the Cr-doped ZnO nanoparticles at 300 K. The magnetic characteristics are also tunable in terms of temperatures, which opens new avenues for fabricating dilute magnetic semiconductors with various applications.