A series of different concentrations of Eu3+ and Dy3+ ions co-doping yttrium vanadate phosphors coated with Fe3O4 (YVO4:Eu3+, Dy3+@Fe3O4) was successful prepared by using two steps route including sol–gel method and hydrothermal method. The resulting phase formation, particle morphology, structure, luminescent, and magnetic properties were examined by X-ray diffraction, transmission electron microscopy, photoluminescence spectra, and vibrating sample magnetometer. The results indicate that the diameter of the YVO4:Eu3+, Dy3+@Fe3O4 nanocomposites is 100–300 nm. The special saturation magnetization Ms of the nanocomposites is 53 emu/g. Additionally, the emission intensities of YVO4:Eu3+ or Dy3+ ions are regularly changed with the emission doping concentrations. After coating with Fe3O4, the variation of the luminescent intensity of YVO4:Eu3+, Dy3+@Fe3O4 magnetic phosphors is different.