In the present study, the synthesis of BaSrSiO4 co-doped Yb3+ and Nd3+ nanophosphors (NPs) was successfully achieved through the conventional sol-gel method, as confirmed by X-ray diffraction and SEM analysis, verifying the formation of pure NPs. The FTIR and Raman spectra analysis confirm the formation of silicates, as different modes and vibrations of Si-O and Si-O-Si were seen at 800-1000cm-1. The energy transfer (ET) mechanism between Nd3+ and Yb3+ ions was seen as the emission spectra showed a rise in intensity of one over another. PLE emission spectra showed transitions at 2F7/2-2F5/2 for Yb3+ and from 4F3/2 to (4I9/2, 4I11/2, and 4I13/2) for Nd3+ when excited at 785nm. All the samples record low activation energy, which shows that the rate of reaction will be higher in all the samples, and it will be highest for 1mol% Nd3+ and 1mol% Yb3+. An increasing value of τ was seen with increasing Yb3+ concentration, which confirms the increase in the population of trap centers. The positron annihilation lifetime (PAL) curve showed that 1mol% Yb3+ and 2mol Nd3+ have single vacancies or shallower positron traps, whereas 3mol% Yb3+ and 2mol% Nd3+ have larger defects like surface oxygen vacancy clusters. The other two samples have balance vacancies, which makes them best for thermometry applications. The fluorescence intensity ratio (FIR) was calculated to get sensitivity for thermometry application. 2.13% K-1 sensitivity achieved at 303-333K temperature.