The full details of a newly developed versatile, portable and low-cost magneto-optical device for the accurate determination of Verdet constant over the wavelength range of 400–480 nm in undergraduate physics and chemistry labs are presented. The elevated sensitivity of the device is achieved by using a semiconducting photodiode detector coupled with an electronic circuit board, which is configured to autonomously record the finest rotation angle in the polarization direction of the transmitted light relative to a reference polarizer. Two different mechanisms to generate a strong coaxial magnetic field of ∼1.34 T are presented, using either a ring neodymium permanent magnet or a solenoid fed by a lithium-ion battery cell. Due to its versatility, portability and low-cost, the presented device is expected to replace most currently existing bulky and expensive setups.