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In this report, the tuning of the optical bandgap and saturation magnetization of cobalt ferrite (CFO) thin films through low doping of zinc (Zn) has been demonstrated. The Zn doped CFO thin films with doping concentrations (0 to 10%) have been synthesized by ultrasonic assisted chemical vapour deposition technique. The optical bandgap varies from 1.48 to 1.88 eV and saturation magnetization varies from 142 to 221 emu/cc with the increase in the doping concentration and this change in the optical and magnetic properties is attributed to the change in the relative population of the Co2+ at the tetrahedral and octahedral sites. Raman study confirms the decrease in the population of Co2+ at tetrahedral sites with controlled Zn doping in CFO thin films. A quantitative analysis has been presented to explain the observed variation in the optical bandgap and saturation magnetization.