To perform photothermal therapy (PTT) and luminescence imaging by a single wavelength NIR light irradiation, we have designed and prepared a novel nanocomposite incorporating the IR806 photothermal sensitizers (PTS) into the core-shell-shell NaYF4:Yb,Er@ NaYF4:Yb@NaYF4:Yb,Nd up-conversion nanoparticles (UCNPs). Irradiation with the 793 nm near-infrared (NIR) laser, the Nd3+ ions in the UCNPs were sensitized to up-convert energy via Yb3+ to the Er3+ ions to emit visible light at 540 nm and 654 nm, as well as to down-convert energy to the Yb3+ ions to emit NIR light at 980 nm. For luminescence imaging, the 793 nm NIR radiation is more suitable to use for deeper-tissue penetration and to reduce overheating problem due to water absorption as compared to 980 nm radiation. Additionally, the same 793 nm NIR radiation could also excite the IR806 dye for effective PTT. Surface modifications of the UCNPs with mesoporous silica (mSiO2) and polyallylamine (PAH) allow stable loading of IR806 dye and further derivatization with polyethylene glycol-folic acid (PEG-FA) for tumor targeting. Preliminary in vitro studies demonstrated that the final UCNP@mSiO2/IR806@PAH-PEG-FA nanocomposites (UCNC-FAs) could be uptaken by the MDA-MB-231 cancer cells and were “dark” viable, and when irradiated with the 793 nm laser, the MDA-MB-231 cell viability was effectively reduced. This indicated that the UCNC-FAs nanocomposites could be potentially useful for targeted photothermal therapy and up-conversion luminescence imaging by a single wavelength NIR light irradiation.