In this work, we have comprehensively explored the energy transfer process between Ce3+ and Dy3+ ions doped in Ca3Mg3(PO4)4 host lattice. The phosphors were synthesized by facile urea-assisted combustion method. The charge imbalance, produced due to doping of trivalent lanthanides in the divalent sites of the host lattice, has been compensated by adding Li+ charge compensator. The structural characterization by Rietveld refinement, morphological and FTIR studies were performed on the as-prepared Ca2.96Mg3(PO4)4:0.01Ce3+, 0.01Dy3+, 0.02Li+ phosphor. The diffuse reflectance spectra and the photoluminescence spectra of the prepared phosphors and the electron-vibration interaction (EVI) parameters of Ca3Mg3(PO4)4:Ce3+,Li+ phosphor were thoroughly analysed. Ca3Mg3(PO4)4:Ce3+,Dy3+,Li+ phosphor exhibited its ability to produce white light emission at UV excitation wavelength 316nm. The codoping of Ce3+ ions enhanced the PL emission intensity of Dy3+ by ten times as compared to the intensity obtained for the samples that were singly-doped with Dy3+. The results suggest the use of single-phased Ca2.96Mg3(PO4)4:0.01Ce3+, 0.01Dy3+, 0.02Li+ phosphor as potential white light emitting phosphor.