Dy3+ and Tm3+ co-doped YAl3(BO3)4 (YAB) phosphors were prepared by solid-state reaction method at 1200°C/3h. The average crystallite size was determined as 52.09nm from the X-ray diffraction measurements. Upon 352 and 359nm near ultra violet excitation, the YAB:Dy3+–Tm3+ phosphors exhibit Dy3+:4F9/2→6HJ (J=15/2, 13/2, 11/2) and Tm3+:1D2→3F4 transitions with different luminescence intensity. The photoluminescence emission and decay measurements revealed the energy transfer from Dy3+ to Tm3+ ions under 359nm excitation only. The energy transfer between Dy3+ and Tm3+ takes place in Dy3+–Tm3+ clusters through exchange interaction mechanism. The Commission International de I’Eclairage chromaticity coordinates of YAB:Tm3+ phosphor (λex=359nm) were found very close to the European Broadcasting Union and National Television Standard Committee illuminants. The emission color of the studied phosphors could be tuned from blue-to-white as a function of excitation wavelength. The YAB:Dy3+–Tm3+ phosphors can be used as potential candidates in display technology.