Herein, we have successfully synthesized a lanthanide based dual-mode nanophosphor (Y 0975 Yb 0020 Ho 0005 VO 4), capable to emit both by down-shifting and upconversion processes, via facile combustion method. The dual-mode emission in phosphor materials is still an unexplored area. The present work covers the study of structure, surface morphology, luminescent behavior and decay profile of the synthesized nanophosphor. The nanophosphor exhibits strong green emission (corresponding to 5 F 4 , 5 S 2 → 5 I 8 transition of Ho 3+ ion) on UV excitation (ex = 318 nm), via an excited state energy transfer from the charge transfer band of [VO 4 ] 3− to 5 F 4 state of Ho 3+ ions. On the other hand, an efficient red emission of Ho 3+ (5 F 5 → 5 I 8) is obtained upon infrared excitation (ex = 976 nm). We propose that the dual-mode nanophosphor could be an exceptional prospect to incorporate in next generation solar cell applications.