The invention discloses a germanate matrix luminescent adjustable multi-color fluorescent powder. The chemical formula of the germanate matrix luminescent adjustable multi-color fluorescent powder isLu2-x-yGeO5:xTb3+, yEu3+, wherein x is more than or equal to 0 and less than or equal to 1.50, and y is more than or equal to 0 and less than or equal to 1.50. The invention also discloses a preparation method of the germanate matrix luminescent adjustable multi-color fluorescent powder. The germanate matrix luminescent adjustable multi-color fluorescent powder provided by the invention has the following advantages: (1) the preparation method of the material is simple and feasible, the conditions are easy to control, and the target product particles are uniform; (2) when a prepared sample is under the excitation of UV light, Ln2GeO5:Tb3+ can emit bright green light, and Lu2GeO5:Eu3+ can emit bright red light; and (3) when Tb2+ and Eu3+ are co-doped, the fluorescent powder can have a full spectrum color emission peak under the excitation of ultraviolet light, including blue light, green light and red light, and the emission color can be adjusted to green light, yellow light, red light and the like, so that the fluorescent powder has a potential application value on the aspect of a white light fluorescent powder for an ultraviolet LED.