The invention discloses a manufacturing method of a down-conversion luminescent material. The manufacturing method comprises the forming steps that 1, multi-target magnetron sputtering equipment is provided; 2, a plurality of target materials are mounted and selected according to to-be-formed rare earth doped oxide, the matrix material of the rare earth doped oxide is rare earth vanadate or rare earth niobate, the target materials comprise matrix rare earth oxide targets, vanadium oxide targets or niobium oxide targets and doped rare earth targets, wherein the matrix rare earth oxide targets,the vanadium oxide targets or the niobium oxide targets correspond to the matrix material, and the doped rare earth targets correspond to a rare earth doped material; 3, a substrate is placed on a base sheet base of a co-sputtering reaction chamber; 4, vacuumizing is conducted on the co-sputtering reaction chamber; and 5, sputtering gas is introduced, and a sputtering technology with the substratetemperature being room temperature to 400 DEG C is conducted, so that the rare earth doped oxide is formed on the surface of the substrate. According to the manufacturing method of the down-conversion luminescent material, large area growth of the down-conversion luminescent material at the low temperature can be achieved, the manufacturing method can be compatible with a microelectronic technology, the technology of the manufacturing method is simple, the cost is low, and the manufacturing method can be effectively combined with the preparation process of solar cells.