Current biomedical imaging techniques are vital for the diagnosis of various diseases. They are related to the development of multimodal probes encompassing all the functionalities required for comprehensive imaging. In this context, we applied a simple and reproducible wet synthesis route to produce such probes. This method allowed us to prepare about 100 nm sized lanthanide-doped yttrium fluoride nanoparticles β-NaY0.8[Yb0.18Er0.02]F4, coated with about 10 nm sized iron oxide γ-Fe2O3 nanocrystals. By this way, the built granular hetero-nanostructures combine desirable up-converting photoluminescence (the core) and superparamagnetic properties (the satellites), enabling dual optical and magnetic resonance imaging applications. Through citrate ligand grafting, the designed core–satellite particles formed stable aqueous colloids, which are valuable for biomedical applications. Optical spectroscopy and confocal microscopy revealed their capability for sustained visible light emission (predominantly green) upon near-infrared excitation (980 nm). Additionally, based on XTT assays, when incubated for 24 hours with mammalian healthy or cancer cells, even at doses as high as 0.1 mg mL−1 (milligrams of particles), they did not induce significant cytotoxicity. The measured body temperature magnetization of the engineered nanoconstructs was found to be about 10 emu g−1 (grams of particles) at 1.5 T, which is high enough to use them as positive or negative contrast magnetic resonance agents in the clinic, as confirmed by relaxometry measurements in Milli-Q water. This result underscores their promising biomedical utility as bimodal probes for optical and magnetic imaging.