The nanocrystalline composition of Zn0.95Co0.02Mo0.03O revealed advanced and promising multifunctional characteristics for data and energy storage applications as well as environmental pollution treatment. Pure ZnO, Zn0.97Co0.02Mo0.01O, and Zn0.95Co0.02Mo0.03O samples were simply synthesized at 400 °C. For all samples, all X-ray diffraction (XRD) peaks were perfectly assigned to the zinc oxide (ZnO) compound with hexagonal structure. The relation between the ionic size of Zn2+, Co2+, and Mo4+ ions, shift of XRD peaks, and variation of unit cell volume evidenced the actual substitution process. The insertion of Co2+ and Mo4+ ions spread the optical response of ZnO to the visible light spectrum by reducing its band gap energy from 3.25 to 2.9 and 2.8 eV. The scanning electron microscopy (SEM) micrographs of both codoped Zn0.97Co0.02Mo0.01O and Zn0.95Co0.02Mo0.03O samples display the formation of particles with sheets shaped like rose leaves and fine spherical particles. Magnetically, the composition of Zn0.95Co0.02Mo0.03O exhibits a strong ferromagnetic order at room temperature with perfect hysteresis loop nature and a high saturation magnetization of 1.11 emu/g. For energy storage uses, Zn0.97Co0.02Mo0.01O and Zn0.95Co0.02Mo0.03O samples exhibit a colossal dielectric constant (relative permittivity) of 11,560 and 21,019 at low frequency, respectively. The incorporation of (Co, Mo) significantly improved the sunlight-photocatalytic performance of the ZnO catalyst for depollution of stable Reactive Blue 19 (RB19) dye, leading to a total photodegradation efficiency of 98% in 75 min. In addition, the Zn0.95Co0.02Mo0.03O photocatalyst has a high stability for recyclability and a high ability to mineralize the RB19 dye to CO2 and H2O.