Luminescent yttrium phosphate is engineered into an environmentally benign near infrared (NIR) reflective yellow pigment by the substitution of bismuth and vanadium metals in the host lattice. A series of YP (1−x) V x O 4 (x = 0, 0.05, 0.1, 0.15, 0.2, and 0.4), Y (1−y) Bi y PO 4 (y = 0.1 and 0.3), and Y (1−y) Bi y P (1−x) V x O 4 (x = y = 0.2, 0.4, and 0.6) were prepared by the precipitation method. Secondary phase was noticed at x = 0.2 and y = 0.2 while substituting vanadium and bismuth, respectively, due to high ionic radii of the dopant ions. Co substitution of vanadium and bismuth in the YPO 4 lattice enhanced both NIR reflectance and yellow color of all the fabricated materials. XPS spectra proved the presence of trivalent bismuth and pentavalent vanadium in Y 0.4 Bi 0.6 P 0.4 V 0.6 O 4 . Due to the substitution effect, a more defined morphology was noticed, which enhanced the scattering co-efficient of the fabricated materials; hence, the NIR reflectance of the materials was increased from 68% (YPO 4 ) to 83% (Y 0.4 Bi 0.6 P 0.4 V 0.6 O 4 ). Chemical and thermal stability test of Y 0.4 Bi 0.6 P 0.4 V 0.6 O 4 confirmed the color and strength of the designed pigment. With good yellow hue (b* = +56.06), high NIR solar reflectance (R* = 83%), and good stability, Y 0.4 Bi 0.6 P 0.4 V 0.6 O 4 can act as an environmentally benign cool yellow pigment.