Rare earths orthovanadates (REVO 4 ) doped with luminescent lanthanide ions (Ln 3? ) play an important role as promising light-emitting materials. Gadolinium orthovanadate exhibits strong absorption of ultraviolet radiation and as a matrix doped with Eu 3? ions is well known for its efficient and intense red emission, induced by energy transfer from the VO 4 3-groups to Eu 3? ions. In the presented study, Fe 3 O 4 @SiO 2 @GdVO 4 :Eu 3? 5 % nanomaterial was investigated. The core@shell structures demonstrate attractive properties, such as higher thermal stability, enhanced water solubility, increased optical response, higher luminescence, longer decay times, and magnetic properties. Silica coating may protect nanocrystals from the surrounding environment. Therefore, such silica-covered nanoparticles (NPs) are successfully utilized in biomedical research. Multifunctional magnetic nanophosphors are very interesting due to their potential biomedical applications such as magnetic resonance imaging, hyperthermic treatment, and drug delivery. Therefore, the aim of our study was to investigate photophysical, chemical, and biological properties of multifunctional REVO 4 doped with Ln 3? . Moreover, the studied NPs did not affect erythrocyte sedimentation rate, cell membrane permeability, and morphology of human red blood cells.