For the first time, the new approach was utilized to synthesize a novel Zn3(OH)2V2O7 2H2O/Betalains (ZV/Bn) nanocomposite (NCs) through the mediation of natural dye betalains (Bn) extract and a hydrothermal method. With decreased crystallite size (38 nm) and a lower band gap, ZV/Bn NCs are showing a potential candidate with better performances in photoluminescence, nitrite sensing, and corrosion inhibition studies when compared to pure ZV nanoparticles. The optical band gap of ZV/Bn is 2.7 eV, and the Bn is effective in reducing the band gap of ZV by 0.3 eV. ZV/Bn has shown its intense fluorescence properties by emitting a vibrant green emission with a strong emission peak at 535 nm and a subtle peak at 489 nm. The exceptional ability of ZV/Bn fluorescent was significantly employed for the development of latent fingerprint detection, resulting in the high quality of fingerprint images. ZV/Bn-based sensors have proved to be successful due to their low cost, biocompatibility, and high sensitivity towards the detection of the most important bioanalyte, nitrite. The limit of detection (LOD) and the sensitivity of ZV/Bn-based sensor for the detection of nitrite are 17 μM and 7.8E−6 A/M, respectively. Additionally, it shows potential as a corrosion inhibitor. Hence, ZV/Bn NCs emerge as a versatile candidate for optical and electrochemical applications.