Large-sized Er3+/Y3+ co-doped tellurite glasses with high image quality were prepared by a conventional melt-quenching method for volumetric three-dimensional display. The effects of the concentration of Er3+ and Y3+ on the two-frequency upconversion luminescence properties and volumetric three-dimensional display were investigated. Under dual-wavelength excitation at 850 nm and 1550 nm, the two-frequency two-step upconversion luminescence intensity at 546 nm in the Er3+/Y3+ co-doped tellurite glass was significantly enhanced by about 44% compared with that in the Er3+ doped tellurite glass. However, the upconversion luminescence mechanism and its dynamic process were further obtained. A range of the high-resolution and high-contrast volumetric three-dimensional images can be achieved in the Er3+/Y3+ co-doped tellurite glass with optimal doping concentration, utilizing a coordinated control system of galvanometer scanner and digital micro-mirror devices. The results indicate that Er3+/Y3+ co-doped tellurite glass has promising potential for widely volumetric 3D displays.