The　development　of　ZnO-based　dilute　magnetic　semiconductor　nanostructures　co-doped　with　rare-earth　and　transition　metals　has　attracted　substantial　attention　for　spintronics　application.　In　this　work,　Pr　(1%)　and　Fe　(1%,　3%,　and　5%)　co-doped　ZnO　nanoparticles　(NPs)　were　synthesized　via　co-precipitation　method,　and　their　structural,　morphological,　optical,　photoluminescence,　and　magnetic　properties　were　investigated.　The　single-phase　wurtzite　hexagonal　crystal　structure　of　all　samples　was　detected　via　X-ray　diffraction.　Morphological　analysis　revealed　spherical　shape　of　the　NPs　with　an　average　size　in　20–50　nm　range.　The　ultraviolet　(UV)–visible　measurements　showed　a　redshift　in　the　UV　band　and　a　slight　change　in　the　bandgap　of　the　co-doped　NPs.　Fourier　transform　infrared　analysis　proved　the　existence　of　different　functional　groups　in　all　synthesized　NPs.　X-ray　photoelectron　spectroscopy　confirmed　that　Pr　and　Fe　ions　incorporated　in　the　host　ZnO　lattice　exhibit　Pr3+　and　Fe3+　oxidation　states,　respectively.　Photoluminescence　analysis　showed　that　incorporated　ions　induce　characteristic　emission　bands　and　structural　defects　in　the　synthesized　NPs.　Magnetic　characterization　indicated　that　the　ZnO　NPs　exhibit　a　diamagnetic　nature.　However,　the　(Pr,　Fe)　co-doped　NPs　exhibit　ferromagnetism　at　room　temperature　because　of　the　interactions　between　Pr3+　and　Fe3+　ions　and　trapped　electrons　mediated　by　bound　magnetic　polarons.　Excellent　optical　and　magnetic　properties　of　synthesized　samples　may　render　them　promising　candidates　for　spintronics　applications.　©　2022　Elsevier　Ltd　and　Techna　Group　S.r.l.