MgAl2O4 ceramics doped with rare earth ions (Eu2+ and Ce3+ ions) were fabricated by spark plasma sintering technique. A complex characterization of the crystalline and defect structure of the ceramic by XRD was carried out. Absorption, excitation, photo- and cathodoluminescence spectra were studied. The photoluminescence spectrum shifts to the blue region with a maximum at λem = 475 nm for the MAS:0.1Ce ceramics. The nature of this luminescence can be caused by the radiative transitions in the cerium ion 5d–4f. The emission spectrum of MAS:0.1Eu has a “green” band emission in range of 400–700 nm centered around 500 nm, which can be ascribed to the allowed 4f65d1→4f7 (5d–4f) transition of Eu2+. In the millisecond time range, simultaneously with the emission of the complex host centers, the impurity luminescence bands of the chromium ion are recorded. It was shown that cathodoluminescence spectra in nanosecond time range can be decomposed into several emission bands at 2.72, 3.01, 3.37, 3.63–3.82 eV caused by F-type centers. It was demonstrated that the Eu2+ and Ce3+ ions lead to change the intensity ratio of the luminescence bands. The luminescence decay kinetics of synthesized spinel ceramics in nano- and millisecond time range were investigated in detail.