Rare earth luminescent materials are one of the core materials for current lighting, display, and information detection devices, and are also indispensable key materials for the development of future new generation lighting and display technologies. At present, the research and production of rare earth luminescent materials are mainly concentrated in China, Japan, the United States, Germany, and South Korea. China has become the world’s largest producer and consumer of rare earth luminescent materials. In the field of display, wide color gamut, large size, and high-definition display are important development trends in the future. Currently, there are various ways to achieve wide color gamut, such as liquid crystal display, QLED, OLED, and laser display technology. Among them, liquid crystal display technology has formed a very complete liquid crystal display technology and industry chain, with the greatest cost advantage, and is also a key development focus for domestic and foreign display enterprises. In the field of lighting, full spectrum lighting similar to sunlight has become the focus of industry attention as a healthier lighting method. As an important development direction for future lighting, laser lighting has received increasing attention in recent years and has been first applied in automotive headlight lighting systems, achieving much higher brightness and lower energy consumption than xenon headlights or LED lights. Light environment, as an indispensable and important physical environmental factor for plant growth and development, can regulate and control plant morphology through light quality, promote plant growth, shorten the time required for flowering and fruiting, and improve plant yield and productivity. It has become a global focus, and it is urgent to develop high-performance luminescent materials suitable for plant growth lighting. In the field of information detection, the Internet of Things and biometric identification (biometric authentication) technology have a trillion dollar market prospect, and their core components require near-infrared sensors made of rare earth luminescent materials. With the upgrading of lighting and display devices, rare earth luminescent materials, as their core materials, are also undergoing rapid changes.