KLaF(4), as a good host matrix for trivalent lanthanide (Ln(3+)) ions to fabricate upconversion (UC) or downconversion (DC) phosphors, has been rarely reported. Herein, monodisperse (∼10 nm) cubic-phase Ln(3+)-doped KLaF(4) nanocrystals (NCs) were synthesized via a facile thermal decomposition method. Upon excitation at 980 nm, UC luminescence properties of KLaF(4):Ln(3+)/Yb(3+) (Ln = Tm, Ho, Er) NCs were comprehensively surveyed. Particularly, after coating an inert KLaF(4) shell, the green and red UC luminescence intensity of KLaF(4):Er(3+)/Yb(3+) NCs was enhanced ∼35 times, and the corresponding UC lifetimes of (4)S(3/2) and (4)F(9/2) levels of Er(3+) were observed significantly prolonged from 42 and 68 μs in core-only NCs to 87 and 136 μs in core/shell counterparts. Furthermore, intense DC luminescence was also achieved in Ce(3+)/Tb(3+) and Eu(3+) doped KLaF(4) NCs, with absolute quantum yields of 39.8% (Tb(3+)) and 17.3% (Eu(3+)). The luminescence lifetimes of (5)D(0) (Eu(3+)) and (5)D(4) (Tb(3+)) were determined to be 4.2 and 4.7 ms, respectively. Water-soluble Ln(3+)-doped KLaF(4) NCs featuring excellent monodispersion, long luminescence lifetime, and high UC/DC efficiency may have versatile and promising applications as luminescent nano-biolabels.