Nanocrystalline zinc oxide (ZnO) has garnered significant attention from researchers and industries due to its superior properties as an optoelectronic material, particularly in solar cells as a transparent electrode. Doping, especially with tin (Sn) and co-doping with tin and cobalt (Co), can refine its optoelectronic properties. In this manuscript, we report on the optoelectronic properties of undoped ZnO thin films, as well as those doped with Sn and/or Co, elaborated using a simple chemical pneumatic spray pyrolysis method on glass substrates. A 1 % Sn doping concentration was used, with Co doping concentrations of 0 %, 0.5 %, and 1 %. The effects of Sn and/or Co doping concentration on the structure, morphology, optical, and electrical properties of nanocrystalline ZnO were studied using X-ray diffractometer (XRD), Raman spectroscopy, Field emission scanning electron microscopy (FESEM), UV–Vis–NIR spectroscopy and Hall effect measurements. All the films studied exhibit wurtzite ZnO structures with a predominant (002) orientation and no secondary phase, as confirmed by X-ray diffraction (XRD) analysis. The Raman spectroscopy also reveals the presence of a wurtzite structure in all the films. The FESEM images reveal the kind and concentration of the dopants significantly influenced the surface morphology of the films. The elemental analysis with energy dispersive X-ray analysis (EDS) analysis successfully detected the doping of Sn and Co. The analysis of UV–Vis spectroscopy provide that the optical band gap for the undoped ZnO film is 3.25 eV. This band gap increases upon doping and co-doping, reaching a peak value of 3.30 eV for the Sn:Co (1 %:0.5 %) co-doped ZnO film. The ZnO film shows an improvement in the electrical resistivity upon doping and co-doping with low resistivity value of 1.95 × 10−2 Ω cm for the film (1%Sn, 0.5 % Co)–ZnO. The highest figure of merit (FOM) achieved is 1.41 × 10−4 Ω−1 for a ZnO thin film co-doped with (1 % Sn, 0.5 % Co). The existence of (1 % Sn, 0.5 % Co) film with improved optical gap, low electrical resistivity and high FOM supports its use in transparent conductive oxide applications.