The invention provides a La2Hf2O7 system inorganic luminous material. The molecular formula of the inorganic luminous material is Yb/Eu/Er: La2Hf2O7, and by mole percent, the doping amount of Yb is 10-30%, the doping amount of Eu is 1-10%, and the doping amount of Er is 0.001-0.01%; and under the condition that the inorganic luminous material is excited by 980 nm, upconversion green emission of Er3+ ions can be obtained, and under the condition that the inorganic luminous material is excited by xenon lamps with the light of 298 nm, 365 nm and 415 nm, down-conversion red emission of Eu3+ is obtained. By the system, upconversion green emission and down-conversion red emission can be realized simultaneously by the system, emission peaks source from different rare earth ions, and have different spectral shapes, various rare earth ions are simply mixed in some common matrix systems, due to large non-radiative cross relaxation probability of the rare earth ions, upconversion light emitting and down-conversion light emitting are difficultly realized simultaneously, and therefore, the system can be applied to anti-counterfeit label materials.