In this work we explored the possibility of obtaining nanocrystalline (Y0.5Lu0.5)2O3 powders, doped with europium and co-doped with praseodium, employing polymer complex solution synthesis. Polyethylene glycol, with average molecular weight 200, served both as a fuel and dispersing medium for nanocrystals formation. We investigated structure, morphology, luminescence emission and decay characteristics of obtained powders and how different concentrations of Pr co-dopant affect theirs optical characteristics.