Novel multifunctional ZnO:Gd@ZIF-8 hybrid inorganic-organic nanocomposites with tunable luminescent-magnetic performance were successfully fabricated using wet chemistry synthesis routes. Physico-chemical characterization including crystal structure, phase compositions, morphology, surface properties, as well as photoluminescent and magnetic characteristics was performed using powder X-ray diffraction (XRD), FT-IR analysis, transmission and scanning electron microscopies (TEM/SEM), N2 adsorption/desorption, SQUID magnetometer, and photoluminescence spectroscopy. The biological studies of obtained materials, such as cytotoxicity profile and in vitro MRI imaging also investigated for potential use as contrast agents. Results showed that the doping with Gd3+ in a broad concentration range and the presence of ZIF-8 layer on ZnO affect the physico-chemical properties of the obtained composites. The obtained porous ZnO:Gd@ZIF-8 composites were highly crystalline with a large surface area. The XRD study indicated the formation of hexagonal wurtzite structure for ZnO and ZnO:Gd3+ (1–5 at.%). Luminescent studies showed, that ZnO is an ideal matrix for the incorporation of Gd3+ ions in a broad concentration range with efficient green luminescence. The PL intensity reached the maximum up to 5 at.% of Gd3+. The zeta potential values indicated the good stability of obtained nanoparticles. Proposed new materials with paramagnetic behavior and outstanding MR imaging capability could be used as potential contrast agents for magnetic resonance imaging.