Electro-optical spectroscopy is nowadays a routine approach for the analysis of light induced properties and dynamical processes in matter, whose understanding is particularly crucial for the intelligent design of novel synthetic materials and the engineering and optimization of high-impact optoelectronic devices. Currently, within this field, it is the common choice to rely on multiple commercial setups, often costly and complex, which can rarely combine multiple functions at the same time with the required sensitivity, resolution, and spectral tunability (in both excitation and detection). Here, we present an innovative, compact, and low-cost system based on “three in one” components for the simultaneous electro-optical material and device characterization. It relies on compact fiber-coupled Fourier transform spectroscopy, the core of the system, enabling a fast spectral analysis to acquire simultaneously wavelength and time resolved photoluminescence (PL) maps (as a function of the time and wavelength), PL quantum yield, and electroluminescence signal. Our system bypasses conventional ones, proposing a new solution for a compact, low-cost, and user-friendly tool, while maintaining high levels of resolution and sensitivity.