Eu2+ doped-CaAlSiN3 possesses broad red emission, enabling a phosphor-converted lighting device to achieve a high color rendering index (CRI) and proper color temperature. However, CaAlSiN3:Eu2+ exhibits relatively slow decay (∼1 μs) and intense re-absorption of luminescence from green/yellow emitters, thereby causing optical saturation and reducing the luminous efficacy. Here, we fabricated a novel phosphor converter comprising Lu3Al5O12:Ce3+ and Y1.3Gd1.6Al5O12:Ce3+ powders. The typical sample, when excited by a blue laser, exhibited a high luminous efficacy of 231 lm/W and a high saturation threshold of 22.2 W/mm2, resulting in a high luminous exitance of 695 lm/mm2. Importantly, the phosphor converter produced a broad emission band that included sufficient cyan and red components, resulting in a full width at half maximum (FWHM) of 134 nm and a high CRI of 81. With this excellent balance between CRI and luminous efficacy, the reported phosphor converter can significantly expand the range of laser lighting applications.