Garnet‐type Li6Ca(La0.97Yb0.02RE0.01)2Nb2O12 (RE = Ho, Er, Tm) new phosphors were successfully synthesized via solid reaction at 900°C for 5 hours, whose course of phase evolution, macroscopic/local crystal structure and up‐/down‐conversion (UC/DC) photoluminescence were clarified. Mechanistic study and materials characterization were attained via XRD, Rietveld refinement, DTA/TG, electron microscopy (FE‐SEM/TEM), and Raman/reflectance/fluorescence spectroscopies. The phosphors were shown to exhibit UC luminescence dominated by a ~ 553 nm green band (5F4/5S2 → 5I8 transition) for Ho3+, a ~ 568 nm green band (4S3/2 → 4I15/2 transition) for Er3+ and a ~ 806 nm near‐infrared band (3H4 → 3H6 transition) for Tm3+ under 978 nm laser excitation, with CIE chromaticity coordinates of around (0.31, 0.68), (0.38, 0.60) and (0.17, 0.24), respectively. Analysis of the pump‐power dependence of UC intensity indicated that all the emissions involve a two‐photon mechanism except for the ~ 486 nm blue emission of Tm3+ (1G4 → 3H6), which requires a three‐photon process. The DC luminescence of these phosphors is featured by dominant bands at ~ 553 nm for Ho3+ (green, 5F4/5S2 → 5I8 transition), ~568 nm for Er3+ (green, 4S3/2 → 4I15/2 transition) and ~ 464 nm for Tm3+ (blue, 1D2 → 3F4 transition). The UC and DC properties were also comparatively discussed.