The invention provides a Lu2Zr2O7 system inorganic luminous material. The molecular formula of the inorganic luminous material is Yb/Eu/Er: Gd2Ti2O7, 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 red light emission of an approximate single band of Er3+ can be obtained, and under the condition that the inorganic luminous material is excited by xenon lamps with the light of 361 nm, 393 nm, 414 nm and 465 nm, down-conversion red light emission of Eu3+ is obtained. By the system, upconversion red light emission and downconversion red light emission can be realized simultaneously, emission peaks source from different rare earth ions and have different spectral shapes, various rare earth ions are simply mixed in a common matrix system, 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.