Extensive research is being carried out to reduce the dependency on fossil fuels and to maximize the efficiency of green energy and recycling of existing energy sources. In view to convert the waste heat into an effective energy source, we have carried out different measurements on the Cobalt Ferrite nanoparticles (CoFe2O4 NPs) to check their availability for thermoelectric applications. Here, we report the simple but effective chemical precipitation method infused with ultrasonication to synthesize polycrystalline CoFe2O4. Various characterization techniques were employed to study the different properties of the synthesized material. The structural integrity of the NPs was confirmed by X-ray diffraction and Electron diffraction patterns, the morphology of the NPs was studied by employing Transmission Electron Microscope, the magnetic properties were evaluated by Vibrational Sample Magnetometer and vibrational and optical properties were measured by using a Raman microscope and UV–Vis spectrophotometer respectively. Moreover, the thermoelectric properties of the sample were also evaluated. The electrical conductivity measurement shows a change in the material’s nature with the increase in temperature. Thermoelectric power measurements exhibit significantly high values of the Seebeck coefficient. Thermal conductivity measurements were used to calculate the figure of merit (zT) values for the sample and a detailed discussion has been done on its potential utilization for thermoelectric applications. Also, the photocatalytic potential of the NPs was vindicated.