Present study uses a low-cost eco-friendly technique to investigate how rare earth (Nd) affects cobalt ferrite's structural, magnetic, and ferroelectric properties for its varied uses. Thermal analysis shows that the prepared material is still stable at temperature 550 degrees C and thermal stability found to increase with Nd substitution. The single-phase Fd3m structure was observed with cubic-spinal phase, as shown by X-ray diffraction. The crystallite size was discovered that the presence of Nd3+ ion caused it to drop from 85 to 44 nm. Further structural parameters like Lattice constant, Cell volume, etc. are also hindered due to greater ionic radii of Nd3+.SEM was used to examine surface morphology and grain size, revealing spherical. In the current situation, it is projected that when the crystallite size lowers, there will be more spins near the surface of the Co-rich Cobalt ferrite. Raman analysis was done to investigate positions of ions in the octahedral and tetrahedral site. TEM measurement further correlated the structural measurement. The wavelength range of photoluminescence emission, which corresponds to the defect states and oxygen vacancies, is 451 to 585 nm. This indicates that neodymium exacerbated the defects in cobalt ferrite. Analogous to the declining trend in magnetization with Nd3+ content is the decrease in crystallite size, with the substitution of molar ratio Nd-0.05, we discovered a considerable decline in ferroelectric characteristics, which reveals a quick drop. This may be caused by the additional phase creation of NdFe0(3), which is shown in structural analysis. This demonstrates that structural factors are crucial for both ferroelectric and magnetic behaviour. Zeta measurements were performed to evaluate the material stability for biomedical applications. Thus, prepared eco-friendly nanomaterial synthesized using lemon juice can be potential grade industrial material and can be used in variety of industries including from Electronics to Biomedical science.