CeO2 thin film-based devices have become hot favorite candidates for researchers due to the outstanding characteristics of ceria such as memory storage materials, high oxygen storage capacity, excellent chemical and thermal stability, high transparency in visible region and highly tunable energy band structures. Developing suitable materials for industrial uses like optoelectronic and thermoelectric devices is the primary goal of researchers in the field of renewable energy. Herein, we have investigated the optical, thermoelectric and thermodynamic properties of CeO2 and [Formula: see text] as promising candidates for energy applications using first-principles calculations. We can observe significant absorption of incident photons by CeO2 and [Formula: see text] near UV region. The highest peaks of the [Formula: see text] are present around 3.7[Formula: see text]eV in spin [Formula: see text] channel, however, in spin [Formula: see text] channel, the highest peaks of the [Formula: see text] are present around 3.5[Formula: see text]eV. The most intense peaks that emerge are due to the transitions of O[[Formula: see text]] to Ce [[Formula: see text]]. The investigated values of [Formula: see text] reveal that CeO2 and [Formula: see text] are active optical materials. CeO2 and [Formula: see text] reflect a negligible number of incident photons ([Formula: see text]%) in the entire energy range. The positive value of the S shows that the CeO2 under study is p-type semiconductor, while [Formula: see text] is n-type semiconductor as its S value is negative. The S values for CeO2 are close to the established standard. As a result, CeO2 is a viable thermoelectric material for use in devices. The figure of merit (ZT) spectra reveals that CeO2 ([Formula: see text]) is a more capable candidate for thermoelectric materials compared to [Formula: see text] ([Formula: see text]). The investigated thermodynamic parameters reveal that CeO2 and [Formula: see text] are dynamically stable compounds.