CoFe2O4@Y2O3:Eu3+ magnetic-fluorescent bifunctional coaxial nanofibers have been successfully obtained via calcination of the [CoFe2O4/PVP]@[(Y(NO3)(3) + Eu(NO3)(3))/PVP] composite coaxial nanofibers which were fabricated by coaxial electrospinning technique. The diameter of CoFe2O4@Y2O3:5 %Eu3+ magnetic-fluorescent bifunctional coaxial nanofibers was 133 +/- A 17 nm. Strong fluorescence emission peaks of Eu3+ in the CoFe2O4@Y2O3:Eu3+ coaxial nanofibers were observed and assigned to D-5(0) -> F-7(1) (588 nm), D-5(0) -> F-7(1) (593 nm), D-5(0) -> F-7(1) (599 nm), D-5(0) -> F-7(2) (612 nm) and D-5(0) -> F-7(2) (630 nm) energy levels transitions of Eu3+ ions, and the predominant emission peak was located at 612 nm. Compared with CoFe2O4/Y2O3:Eu3+ composite nanofibers, CoFe2O4@Y2O3:Eu3+ magnetic-fluorescent bifunctional coaxial nanofibers simultaneously provided higher magnetism and fluorescent intensity. The color, photoluminescent intensity and magnetism of the coaxial nanofibers can be tuned via adjusting the diversity and content of fluorescent compounds and the content of magnetic compounds. Formation mechanism of CoFe2O4@Y2O3:Eu3+ coaxial nanofibers was also presented. The bifunctional magnetic-photoluminescent CoFe2O4@Y2O3:Eu3+ coaxial nanofibers have potential applications in many fields due to their excellent magnetism and fluorescence.