Photoluminescence study of the Ho-Yb codoped ZrO, AlZrO and YZrO nanophosphors, synthesized by chemical co-precipitation method, upon excitation at 450 and 980 nm radiations have been performed. An improvement of about ∼4.5 times in the downconversion emission intensity of green band corresponding to the F, S → I transition for codoped YZrO nanophosphors compared to ZrO codoped nanophosphors has been observed. On varying the pump power density upon 980 nm excitation the colour tunability in the codoped YZrO nanophosphors has been observed. UC emission intensity of the green band arising from the Ho ion in the codoped YZrO nanophosphors is enhanced about ∼22 times compared to that of the codoped ZrO nanophosphors. The absorption and UC emission study for the codoped YZrO nanophosphors dispersed in different biologically compatible solvents viz. water, methanol, ethanol and dimethyl sulfoxide (DMSO) has been performed. The green UC emission intensity of about ∼1.3 and ∼1.7 times for the efficient codoped YZrO nanophosphors dispersed in methanol compared to that dispersed in water and DMSO respectively has been observed. The absorption spectra of an efficient upconverting YZrO nanophosphors dispersed in methanol exhibit no change with the passage of time.