Evolution of photoluminescence of ethanol solutions of Zn(acac) from near UV to VIS was monitored for time period of several months. It has been found that transparent solutions with time colored in light brown that is accompanied by development of strong visible photoluminescence. This phenomenon is analyzed and discussed in terms of carbon precipitation. It has been demonstrated that at short aging period the photoluminescence is observed as relatively narrow and excitation independent emission band centered at at about 400 nm. In course of aging period emission is converted from violet to blue and green with corresponding shift of excitation band from UV to VIS. Electron paramagnetic resonance spectroscopy allows to identify carbon precipitates in the solutions approving hypothesis on nanocarbon nature of the photoluminescence.