Water soluble LaF₃: Nd³⁺, Sm³⁺ (LFNS) nanocrystals exhibiting red up conversion fluorescence (654 nm) have been synthesized using new rapid microwave assisted synthesis process. Nano discs and nano rods with hexagonal geometry were obtained using deionized water (DW) and methanol (M) as solvents. In agreement with the XRD calculations, the average TEM particle size of the nanocrystals was found to lie between 13-21nm. Comparative FTIR and FT-Raman studies indicate low phonon energy vibrations giving rise to active Raman peaks below 500 cm^-1and substantial presence of organic ligands renders LFNS nanocrystals highly water soluble. The gradual weigh loss in thermal studies from 100 ⁰C to 900 ⁰C is attributable to the initial removal of water molecules/ semi organic ligands from the surface and the later due to temperature of formation and related internal crystal structure adjustments.  Detection of second harmonic generation (SHG) signal together with presence of wide transparency window (UV studies) makes LFNS suitable candidate for optoelectronic applications. The current-voltage characteristics indicate presence of definite threshold voltage. The ionic conductivity at room temperature is found to of order of 10 ^-6 S cm^-1with higher magnitude in DW based nanocrystals. Dielectric constant and dielectric loss show normal dielectric behavior in frequency range of 100Hz-5 MHz with their values falling drastically at low frequencies indicating good optical quality nanocrystals. Dielectric studies further indicate dc conduction mechanism with involvement of the real part of dielectric constant in the process of polarization.

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