An eco-friendly and cost-effective NiFe2O4 nanoparticles and its derivatives NiFe2O4:salicylamide, NiFe2O4:salicylamide:Tb3+ and NiFe2O4:salicylamide:Tb3+:Olea europaea L. extracts have been successfully synthesized using a simple and refluxed-assisted chemical co-precipitation method and green route approach followed by thermal treatment steps. In this report, the structural, morphological, optical characteristics and biological activities of the nanoparticles were characterized by using XRD, SEM, FTIR, UV-Vis, PL, BET analysis, antibacterial assays and antioxidant activities. The results from XRD revealed that NiFe2O4 has a crystalline structure and EDX elemental mapping confirmed the uniform distributed of all the elements in the matrix. The incorporation of salicylamide, Tb3+ and Olea europaea L. extracts into NiFe2O significantly enriched the luminescence intensities and changed the emission colour coordinates. Colour tunability was achieved with luminescence ranging from bright blue emission to reddish orange light, which makes nanoparticles important candidates for solid-state lighting technologies. Combining olive leaf extracts with NiFe2O4 nanoparticles provided effective antioxidant and antibacterial activity by reducing and stabilizing of nanoparticles. Moreover, all experimental results reveal new ideas for the design and optimization of multifunctional nanomaterials with higher sensitivity and pave the way for the production of new functional nanomaterials.