Enhancing the efficiency of photoelectric conversion is a vital consideration for silicon-based solar cells via introducing near-infrared emitting material. In this study, efficient Yb3+ near infrared emissions through quantum cutting was achieved by adjusting the concentrations of Ho3+ and Yb3+. The quantum cutting mechanism was detailedly investigated and a two-step energy transfer processes from Ho3+ to Yb3+ were assigned to be responsible for the near infrared emission of Yb3+. The radiative and nonradiative transition rates of all concerned 4f levels of Ho3+ in NaY(WO4)2 (abbreviations as NYW) matrix were derived based on the Judd-Ofelt theory and the energy gap law. The energy transfer rates from Ho3+ to Yb3+ were also obtained by analyzing the fluorescence dynamics. Furthermore, the quantum cutting efficiencies were determined to be 60.46%. It was revealed that the low quantum-cutting efficiencies resulted from the nonradiative transitions of Ho3+ and the self-quenching of Yb3+ at higher doping concentration of Yb3+.