Multifunctional Fe−Sn codoped In 2 O 3 colloidal nanocrystals simultaneously exhibiting localized surface plasmon resonance band, high electrical conductivity, and charge mediated magnetic coupling have been developed. Interactions between Sn and Fe dopant ions have been found critical to control all these properties. Sn doping slowly releases free electrons in the colloidal nanocrystals, after reduction of active complex between Sn 4+ and interstitial O 2− . Unexpectedly, Fe codoping reduces the free electron concentration. Our X-ray absorption fine structure spectroscopy (XAFS) results show that Fe 3+ and Sn 4+ substitutes In 3+ in the In 2 O 3 lattice for all Fe-doped In 2 O 3 NCs and Sn-doped In 2 O 3 NCs. Interestingly, for Fe−Sn codoped NCs, a smaller fraction of Fe 3+ gets reduced to Fe 2+ by consuming free electrons produced by Sn doping. Therefore, Fe doping can manipulate free electron concentration in Fe−Sn codoped In 2 O 3 nanocrystals, controlling both plasmonic band and electrical conductivity. Free electrons, on the other hand, facilitate magnetic coupling between distant Fe 3+ ions. Such charge mediated magnetic coupling is useful for spin-based applications.