The present article describes about the citrate-gel synthesis and luminescent properties of Dy3+ activated and Dy3+/Eu3+ bi-activated calcium bismuth vanadate (CBV) phosphor. Structural and morphological characterizations indicate the phase purity, size and shape of the as-prepared CBV phosphors. The emission and energy transfer properties in Dy3+ doped and Dy3+/Eu3+ co-doped CBV phosphors have been studied extensively. In this regard, Dy3+/Eu3+ co-doped CBV phosphors were pumped by near-ultraviolet (n-UV) light (387 nm) and the maximum energy transfer efficiency value of 87.5% is observed. Dexter and Reisfeld's approximation applied to the emission spectra specifies electric dipolar-dipolar interaction to be accountable for Dy3+ to Eu3+ energy transfer. In CBV: Dy3+ phosphors, codoping with Eu3+ ions facilitate the red component that ensues warm white light emission under n-UV/blue light excitation. Moreover, Dy3+/Eu3+ co-doped CBV phosphor exhibits flexible color tunability with increasing Eu3+ concentration under different excitations. The significant accomplishments like warm white light emission and controllable spectral composition in Dy3+/Eu3+ co-doped CBV phosphor by altering the excitation energy and co-dopant (Eu3+) concentration designate it as a potential candidate in the domain of lighting and display devices.