We prepare CuCrO₂ thin films with magnesium and nitrogen dopants. The solid state reaction method is employed to produce CuCrO₂ targets with three different concentrations of Mg (0%, 2.5%, and 5%). The targets are used in an RF sputtering system to prepare thin films in the presence of N₂ as the reactive gas. In this manner, Mg and N atoms, respectively, replace Cr and O sites in the CuCrO₂ structure and enhance the electrical and optical properties of the host material. This cationic-anionic substitution yields a superior hole transport and results in an increased conductivity of ∼278 S cm⁻¹ which is considered as a record for p-type conductivity in transparent conducting oxides. Moreover, the co-doped CuCrO₂ demonstrates a bandgap of 3.52 eV and a transmittance of about 69% in the visible region.