Various nonclassical and quantum phase properties of photon added then subtracted displaced Fock state have been examined systematically and rigorously. Higher-order moments of the relevant bosonic operators are computed to test the nonclassicality of the state of interest, which reduces to various quantum states (having applications in quantum optics, metrology and information processing) in different limits ranging from the coherent (classical) state to the Fock (most nonclassical) states. The nonclassical features are discussed using Klyshko's, Vogel's, and Agarwal–Tara's criteria as well as the criteria of lower- and higher-order antibunching, sub-Poissonian photon statistics and squeezing. In addition, phase distribution function and quantum phase fluctuation have been studied. These properties are examined for various combinations of number of photon addition and/or subtraction and Fock parameter. The examination has revealed that photon addition generally improves nonclassicality, and this advantage enhances for the large (small) values of displacement parameter using photon subtraction (Fock parameter). The higher-order sub-Poissonian photon statistics is only observed for the odd orders. In general, higher-order nonclassicality criteria are found to detect nonclassicality even in the cases when corresponding lower-order criteria failed to do so. Photon subtraction is observed to induce squeezing, but only large number of photon addition can be used to probe squeezing for large values of displacement parameter. Further, photon subtraction is found to alter the phase properties more than photon addition, while Fock parameter has an opposite effect of the photon addition/subtraction. Finally, nonclassicality and non-Gaussianity is also established using Q function. © 2019 Elsevier B.V.