The present work describes the enhancement of green luminescence of Tb3+ ion in a newly synthesized composite material that contains Tb3+ and Yb3+ ions in Y2O3 nano-phosphor (TYY) coated with salicylic acid (SA) doped polyvinyl alcohol (PVA) polymer matrix (TYY: SA/PVA). XRD results reflect nearly 50 nm size of crystallite in TYY phosphor. On coating, the same with SA-doped PVA polymer visualizes the actual particulate size in microns due to aggregation of nano-crystallites of TYY and indicates the formation of organic/inorganic composite material. In down-conversion of UV radiation, both singlet and triplet states of excited state intra-molecular proton transfer species of SA in TYY: SA/PVA composite material transfer their UV (200 nm–370 nm) excitation energy through Fӧrster and Dexter mechanism to 5D4 state of Tb3+ ions, which enhances green luminescence of Tb3+ ions [5D4 →7F5] by nineteen-fold and decrease in the NIR luminescence intensity of Yb3+ ion [2F5/2 → 2F7/2] in TYY/SA/PVA as compared to the TYY sample indicates coating of SA/PVA polymer on the nano phosphor blocks the quantum cutting process from 4f75 d1 excited state of Tb3+ ions to 2F5/2 state of Yb3+ ions. In contrast, TYY: SA/PVA and TYY material exhibit intense green luminescent emission of Tb3+ ions by up-conversion of NIR radiation through a cooperative energy transfer between two Yb3+ ions [2F5/2 → 5D4 excitation]. A thin layer coating of composite phosphor material shows enhancement in the external quantum efficiency of the solar cell by increasing the efficiency of ∼3–5 % in the 400 nm–1000 nm range compared to the bare solar cell. I–V characteristics of the composite show that simultaneous excitation of this composite material with UV/Visible/NIR radiation increases the photon density in blue, green, and NIR regions for reabsorption by the photovoltaic cell. This preliminary study signifies the scope for developing brighter, high photon flux luminescent composite luminescent solar collecter material with low cost.