Mg, Co doped and (Mg, Co) co-doped CdS thin films were prepared using chemical spray pyrolysis method. It is observed from the X-ray diffraction study that the deposited film exhibit cubic phase of CdS with preferred orientation along the (111) plane and incorporation of Mg and Co has been confirmed form energy dispersive analysis and XPS analysis as well. The doped and codoped CdS thin films exhibit 1LO and 2LO vibrations as confirmed by Raman spectrum. The core level XPS spectra ensures the incorporation of doping elements precisely. The morphological variations due to the incorporation of Co and Mg in CdS thin films have been observed by FE-SEM. The particle sizes and crystalline nature have been revealed from HRTEM images and corresponding SAED patterns. The co-doped CdS thin films show a significant shift blue in absorption spectrum. Improved magnetic properties have been observed for the co-doped CdS thin films.