Both the anti-Stokes and Stokes emission properties of cubic Y 2 O 3 :Ho 3+ arising from excitation at a wavelength of 632.8 nm are reported over the concentration range 0.25-10 mol % Ho 3+ . Power dependence studies are used to assign the bands in the emission spectra. The most efficient yellow-green upconversion emission was observed at a Ho 3+ concentration of 0.5 mol %. This originates from an absorption process involving two photons and undergoes progressive quenching as the Ho 3+ concentration is increased. It is shown herein that as the concentration of Ho 3+ is increased, cross-relaxation processes become dominant. These processes involving Ho 3+ ions in the 5 F 5 levels and the metastable 5 I 7 states enable an alternative process for the population of the 3 K 8 , 5 F 3 , and 5 F 2 levels that gives rise to enhanced emission between 480 and 505 nm as the concentration of Ho 3+ ions is increased from 0.5 to 10 mol %. This cross-relaxation process is discussed in the text. In this work we also report the first discrimination between emission bands due to transitions originating from the 5 F 4 and 5 S 2 levels of Ho 3+ . The emission bands originating from the 5 F 4 level (viz. the yellow-green 530-570 nm and the near-infrared 740-780 nm bands) are shown (as expected) to have a similar dependence on the incident photon flux.