In this work, NIR emission is reported in Y2MoO6 doped with Nd3+ or Yb3+. The emission follows excitation by near ultraviolet (nUV) light that can be absorbed by MoO4−2 anion with subsequent energy transfer to Nd3+ or Yb3+. Moreover, efficient energy transfer from Nd3+ to Yb3+ was also observed. By virtue of this transfer, higher NIR emission intensities were observed for Nd3+,Yb3+ double doped phosphors. The energy transfer mechanisms based on cooperative energy transfer (CET) and cross relaxation followed by NIR emission are suggested. It is also suggested that Y2MoO6:Yb3+, Nd3+ phosphors hold a potential for applications requiring NIR emission that can be excited by nUV light; e.g. in photovoltaics based on c-Si.