Homogeneous NaYF4:Yb3+/Er3+ nanoparticles (NPs) with average diameters of ∼10 nm and ∼200 nm and various doping concentrations (Yb3+:0%−20%, Er3+:2%) were prepared by the thermal decomposition of trifluoroacetate precursors. The visible and infrared (IR) emission spectra range of 500–2200 nm and luminescent dynamics were studied through the pumping of multi-wavelengths, 443 nm, 488 nm, and 520 nm. Strong and sufficient IR emissions were observed, including the transitions of 4I11/2−4I15/2 at ∼980 nm, 2H11/2−4I11/2 at ∼1112 nm, 4S3/2−4I11/2 at ∼1217 nm, 4I13/2−4I15/2 at ∼1540 nm, 4I9/2−4I13/2 at ∼1680 nm, and 4F9/2−,4I11/2 at ∼1955 nm. It is the first observation of 2H11/2−4I11/2 and 4F9/2−4I11/2 emissions to our knowledge. Through the IR emissions, several novel channels of quantum cutting (QC) were evidenced, including: (1) 2H11/2−4I11/2 and 4I11/2−4I15/2, (2) 4S3/2−4I11/2 and 4I11/2−4I15/2, (3) 4F9/2−4I11/2 and 4I11/2−4I15/2, and (4) 4I9/2−4I13/2 and 4I13/2−4I15/2. For the IR QC emissions, the overall efficiencies in the 200−nm NaYF4:Yb3+, Er3+ were estimated to be as high as 186−193%. Through the measurements of luminescent dynamics of Er3+ on different levels, the spontaneous rates and energy transfer (ET) rates from Er3+ to Yb3+ were determined, which showed that ET from Er3+ to Yb3+ mainly happened on 2H11/2,4S3/2, and 4I13/2 levels. The present results indicate that the visible-to-IR QC for Er3+ has potential use to improve the efficiency of some IR solar cells, such as germanium-based ones.