Optical materials doped with several lanthanides are unique in their properties and are widely used in various fields of science and technology. The study of these systems provides solutions for noncontact thermometry, bioimaging, sensing technology, and others. In this paper, we report on the demonstration of YVO₄ nanoparticles doped with one, two, and three different rare earth ions (Tm³⁺, Er³⁺, and Nd³⁺). We discuss the morphology, structural properties, and luminescence behavior of particles. Luminescence decay kinetics reveal the energy transfer efficiency (up to 78%) for different ions under the selective excitation of individual ions. Thus, we found that the energy transition from Tm³⁺ is more favorable than from Er³⁺ while we did not observe any significant energy rearrangement in the samples under the excitation of Nd³⁺. The observed strong variation of REI lifetimes makes the suggested nanoparticles promising for luminescent labeling, anticounterfeiting, development of data storage systems, etc.