Abstract: An efficient Near-Infrared Quantum Cutting has been demonstrated in Ho3+ and Yb3+ co-activated Y2O3 sample, synthesized by a complex based precursor solution method. The phosphors have been characterized by X-ray diffraction (XRD), Crystal structure photoluminescence (PL) and CIE Chromaticity analysis. The phosphor materials give efficient emission in the green region both through UC and PL, while efficient NIR emission is observed through the QC process. The Photoluminescence emission (PL) spectra of Y2O3 doped 1% Ho3+ x% Yb3+ (x= 0, 5, 10, 20, 30, and 50) samples, The cooperative energy transfers from one Ho3+ to two Yb3+, an intense NIR emission around 549 nm of Yb3+ 2F5/2 - 2F7/2 transition was obtained under 449 nm excitation. Near infrared photons (wavelength range 549 nm) emitted by an Yb3+ ion pair. The Properties of Y2O3 doped with Ho3+ and Yb3+ quantum-cutting phosphors are dependent on various factors such as dopant concentration, crystallinity, homogeneity, particle size. Effective control of the above parameters the quantum-cutting ability of the phosphor material. Small particle size of the quantum-cutting phosphor Y2O3:Ho3+, Yb3+ make it a suitable candidate for its application in solar cells.