AbstractRemarkable enhancement in green and red upconversion (UC) emissions by 124 and 88 %, respectively was achieved whereas down‐conversion (DC) luminescence in NIR‐II region (~1540 nm) was improved by 20 % in Th4+ co‐doped YF3 : Yb3+,Er3+ nanocrystalline particles. The same is ascribed to lowering of symmetry via formation of asymmetric Er−F bonds and less symmetric Y3+ sites due to distortions on Th4+ co‐doping. Benefiting from the distinct temperature response of stark sublevels of the 4S3/2 and 4F9/2 states, we have proposed a strategy for luminescence intensity ratios (LIR) based thermometry involving thermally coupled (TCL) stark sub‐levels. This can be promising in more accurate temperature read‐out at cryogenic temperatures (~ −193 °C). Using the same, high Sa and Sr values of 0.0139 K−1 (80 K) and 0.682 % K−1(80 K) were obtained for 4S3/2 (1)/4S3/2 (2)→4I15/2 transitions. Higher Sa and Sr values of 0.226 K−1 (80 K) and 2.627 %K−1(80 K) were obtained for 4F9/2 (1)/4F9/2 (2)→4I15/2 transitions. The high sensitivity values were obtained than that reported for the YF3 host. We believe this work with improved UC luminescence on Th4+ addition will be boon to cryogenic temperature‐sensing.