Abstract: Er3+Yb3+ co-doped transparent glass-ceramics with varying Er/Yb content and ratio have been prepared. High quantum yields for up- and down-conversion luminescence by energy transfer from Yb3+ to Er3+ and from Er3+ to Yb3+, respectively, have been detected and optimized with respect to the Er/Yb content and ratio, and proposed in particular for up- and down-conversion of solar spectrum for enhancement of the efficiency of solar cells. The rise and decay kinetics for the population of the excited levels of Er3+ and Yb3+ have been studied and fit. Based on these experimental data, the mechanisms for the energy transfers have been suggested with emphasis on the optimized Er/Yb content and ratio for enhancement of the efficiency of the Er3+↔Yb3+ energy transfers.