A series of high quality Dy2O3 and Tm2O3 co-doped yttria stabilized zirconia (YSZ) single crystals was synthesized. These crystals have a single cubic structure, and exhibit the characteristic of Dy3+ (blue and yellow emissions) and Tm3+ (blue emission) under excitation with NUV light. Importantly, the hue can be varied between blue and white by modifying the Tm3+/Dy3+ ratio. The photoluminescence and decay curves are consistent with the existence of resonance-type energy transfer from Tm3+ to Dy3+ ions via an electric multipole interaction mechanism. Maximum luminescence intensity is observed in YSZ doped with 0.50 mol% Tm2O3 and 0.75 mol% Dy2O3, and this sample has CIE coordinates (x = 0.33, y = 0.33) in accordance with those for white chromaticity. Thus, the outstanding luminescence properties of these single crystals suggest potential applications in white light emission devices.