A series of novel Li2Y4(MoO4)7: Ln3+ (Ln = Dy, Eu) phosphors with color-tunable were prepared through solid-state reaction. The crystal structures, photoluminescence properties, energy transfer process, decay, and chromaticity coordinates were also investigated. The emission color of Li2Y4(MoO4)7: Ln3+ (Ln = Dy, Eu) phosphors were tunable from pale yellow to the nearly white position by adjusting the concentrations of Dy3+ and Eu3+ ions or converting the excitation wavelength from 353 nm to 391 nm, and η
τ
could reach 49.33% when y = 0.60. These results indicated that Li2Y4(MoO4)7: Ln3+ (Ln = Dy, Eu) may be served as color tunable phosphors.