Re-dispersible CdS, 5 at.% Eu³⁺-doped CdS, 2 at.% Li⁺ and 5 at.% Eu³⁺ co-doped CdS nanoparticles in organic solvent are prepared by urea hydrolysis in ethylene glycol medium at a low temperature of 170°C. CdS nanoparticles have spherical shape with a diameter of $\sim 80$ nm. The asymmetric ratio ($A_{21}$) of the integrated intensities of the electrical dipole transition to the magnetic dipole transition for 5 at.% Eu³⁺-doped CdS is found to be 3.8 and this ratio is significantly decreased for 2 at.% Li⁺ and 5 at.% Eu³⁺ co-doped CdS ($A_{21} = 2.6$). It establishes that the symmetry environment of Eu³⁺ ion is more favored by Li-doping. Extra peak at 550 nm (green emission) could be seen for 2 and 5 at.% Eu³⁺ co-doped CdS. Also, the significant energy transfer from host CdS to Eu³⁺ is found for 5 at.% Eu³⁺-doped CdS compared to that for 2 at.% Li⁺ and 5 at.% Eu³⁺ co-doped CdS.