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In the present paper we report a low cost, single step preparation method for the synthesis of CuO-ZnO nanocomposite through simple co-precipitation technique using oxalic acid. To have a better idea about the deviations brought about by the inclusion of CuO in ZnO lattice, pure ZnO nanoparticles synthesized from 0.1M solutions were also investigated. X-ray diffraction studies showed that the composite contains only hexagonal wurtzite ZnO and monoclinic CuO structures. The magnetic studies of CuO-ZnO heterostructures were also conducted in order to elucidate the source of the ferromagnetism observed at room temperature. The catalytic efficiency of the as prepared nanocomposite was estimated by the degradation of methylene blue and eosin yellowish which also shows its suitability as a promising candidate in waste water treatment. The effect of chenodeoxycholic acid as a co-adsorbent in the performance of dye sensitized solar cells fabricated using the synthesized ZnO and the nanocomposite was also studied and significant improvement in photovoltaic performance has been obtained for nanocomposite based solar cell., (Copyright © 2018 Elsevier B.V. All rights reserved.)