In order to design a new multifunctional crystal with excellent ferroelectric and spectroscopic properties, experiments were carried out for Ho3+/Yb3+ co-doped Pb(Mg1/3Nb2/3)O3 -32PbTiO3 ferroelectric crystal using the flux method, the coercive field Ec of which is 11.86 kV/cm. Up-conversion luminescence emission bands, including an intense green emission band at 553 nm, a red band at 663 nm, and a weak infra-red band at 755 nm, are generated at 980 nm excitation. The main spectroscopic parameters, including radiative transition probability A(J’ − J), radiative lifetimes τrad, and branching ratios β, were predicted by applying Judd–Ofelt treatment. The obtained J-O intensity parameters are Ω2 = 0.531 × 10−20 cm2, Ω4 = 1.738 × 10−20 cm2, Ω6 = 0.530 × 10−20 cm2. The radiative lifetime of 5I7 level is 5.45 ms. The fluorescence lifetime of is 5F5 is 92.568 μs. The investigations show that Ho3+/Yb3+ co-doped Pb(Mg1/3Nb2/3)O3-0.32PbTiO3 crystal is a new type of multifunctional crystal integrating ferroelectric and spectroscopic properties, which has a potential application in the developing innovative multifunctional devices and lasers.