Host material plays an important role in obtaining efficient photon upconversion and downshifting luminescence. Generally, fluoride and oxyfluoride glasses-based materials are used for high-efficiency photon upconversion. However, the poor thermal stability of fluoride glasses and the toxicity of fluorine ions limit their applications. In this report, Yb/Ho-doped CaSiO3 wollastonite phosphors have been demonstrated as efficient red-emitting upconversion phosphors. The phosphors have been synthesized by microwave hydrothermal process followed by heat treatment at 1050 °C in the air environment. 2M phase of the β-wollastonite has been confirmed by X-ray diffraction and Raman spectroscopy while the existence of the Yb and Ho dopants in the CaSiO3 lattice has been confirmed by X-ray photoelectron spectroscopy. The synthesized samples showed strong red upconversion emission centered at 662 nm and near-infrared downshifting emissions at 2016 nm upon 980 nm excitation. The emissions were found to depend significantly on the Ho concentration. Temporal evolution of the main emission bands was investigated to show that the energy transfer upconversion from Yb to Ho ions was responsible for the efficient upconversion and downshifting phenomenon.