Acceptability and relevance of nanoparticles in the society is greatly improved using a safer-by-design strategy. However, this is difficult to implement when too late in the development process or when nanoparticles are already on the market (e.g., TiO2). We employ this strategy for emerging nanoparticles of lanthanide oxysulfide of formula (Gd,Ce)2O2S, relevant for photocatalysis as well as for multimodal imaging, as the bandgap of the nanoparticles, related to their Ce content, impacts their ability to absorb visible light. As a first step, we investigated the production of reactive oxygen species (ROS) as a function of cerium content, in abiotic conditions and in vitro using murine macrophage RAW 264.7 cell line. We demonstrate that, at sub-lethal doses, Ce-containing oxysulfide nanoparticles are responsible for a higher ROS intracellular formation than cerium-free Gd2O2S nanoparticles, although no significant inflammatory response or oxidative stress was measured. Moreover, there was no significant loss of cerium as free cation from the nanoparticles, as evidenced by X-ray fluorescence mapping. Based on these results, we propose a risk analysis for lanthanide oxysulfide nanoparticles, leading to a technology assessment that fulfills the safer-by-design strategy.