The invention discloses an ITO nano-particle doped up-conversion light-emitting glass as well as a preparation method thereof. Porous glass with uniformly distributed nano-scale micro holes is adopted to prepare ITO nano-particles in situ in the micro holes; trivalent aluminum, trivalent ytterbium and trivalent erbium are doped simultaneously, and high-temperature sintering is performed, so that a porous glass duct is closed, strength of glass is greatly improved; ITO nano-particles, trivalent ytterbium and trivalent erbium are uniformly dispersed in glass; ITO nano-particles are doped, so that obvious red light of trivalent erbium in glass can be observed under the excitation of infrared light with the wavelength of 980nm; seen from a fluorescence spectrum, up-conversion light-emitting performance, with wavelength of 450-750nm, of glass is remarkably improved, especially the red light part with wavelength of 620-700nm and the glass is stable in performance. Besides, the preparation method has the advantages of being simple in process, convenient to prepare and the like.