The 1:1:1 reaction of DyCl3·6H2O, K3[Co(CN)6] and bpyO2 in H2O has provided access to a complex with formula [DyCo(CN)6(bpyO2)2(H2O)3]·4H2O (1) in a very good yield, while [DyFe(CN)6(bpyO2)2 (H2O)3]·4H2O (2) was also precipitated (also in a high yield) using K3[Fe(CN)6] instead of K3[Co(CN)6]. Their structures have been determined by single-crystal X-ray crystallography and characterized based on elemental analyses and IR spectra. Combined direct current (dc) and alternating current (ac) magnetic susceptibility revealed slow magnetic relaxation upon application of a dc field. μ-SQUID measurements and CASSCF calculations revealed high-temperature relaxation dynamics for both compounds. Low-temperature magnetic studies show the relaxation characteristics for 1, while for compound 2 the dynamics corresponds to an antiferromagnetically coupled Dy···Fe pair. High-resolution optical studies have been carried out to investigate the performance of compounds 1 and 2 as luminescence thermometers. For 1, a maximum thermal sensitivity of 1.84% K-1 at 70 K has been calculated, which is higher than the acceptable sensitivity boundary of 1% K-1 for high-performance luminescence thermometers in a broad range of temperature between 40 and 140 K. Further optical studies focused on the chromaticity diagram of compound 1 revealed a temperature shift from warm white (3200 K) at 10 K toward a more natural white color near 4000 K at room temperature.