This work is dedicated to the preparation and characterization of the radio-, thermo-, and photoluminescent properties of Lu2O3:Eu and Lu2O3:Tb nanopowder (NPs) scintillators, prepared by means of hydrothermal processing, and their film analogues made of these NPs by the spin coating method. The luminescent properties of NPs and films were characterized by cathodoluminescence (CL), photoluminescence (PL), X-ray excited radioluminescence (RL), and thermoluminescence (TL) at low and high temperatures. In Lu2O3:Eu NPs and films, mostly the luminescence of Eu3+ ions occupying the C2 site of the host, with the most intensive peaks at 611.6 nm and a decay time of 1.5 ms, was observed. On the contrary, two types of Tb3+ centers in the C2 and C3i sites with the main emission lines at 542.4 and 544.0 nm and the corresponding 4f→5d excitation bands at 270 and 305 nm and decay times of t1/e = 2.17 and 3.96 ms were observed in the case of Lu2O3:Tb NPs and films. Indications were noted that Tb3+ in the C3i symmetry position was most active in the CL spectra of Lu2O3:Tb NPs and a respective film. Thermoluminescent peaks at 110 °C and 170 °C for Lu2O3:Eu NPs and at 75 °C and 120 °C in Lu2O3:Tb NPs were observed corresponding to the hole and electron traps, respectively. Significantly different onsets of temperature quenching of Eu3+ and Tb3+ luminescence in Lu2O3:Eu and Lu2O3:Tb NPs were found at ~90 °C and ~320 °C, respectively.