Photoluminescent (PL) layers and electroluminescent (EL) systems prepared by different methods have been systematically studied for the fabrication of flat panel displays, monitoring screens, and lighting systems. In this work we report about a new procedure of preparing Tb doped ZnGa2O4 green luminescent thin films at low temperature that consists of the simultaneous reactive magnetron sputtering (R-MS) deposition of a Zn–Ga mixed oxide acting as a matrix and the plasma decomposition (PD) of evaporated terbium acetylacetonate. The resulting films were transparent and presented a high PL efficiency making them good candidates for EL applications. Layers of this phosphor film with thickness in the order of hundreds nanometers were sandwiched between two dielectric layers of Y2O3 and AlSiNxOy that were also prepared by R-MS. The response of the resulting EL device was characterized as a function of the applied voltage and the type of AC excitation signal. The high luminance and long-term stability of these thin film electroluminescent devices (TFELDs) proves the reliability and efficiency of this kind of transparent R-MS multilayer system (with a total thickness in order of 650 nm) for display and lighting applications.