The co-doping effect of aliovalent metal ions such as Mg2+, Ca2+, Sr2+, Ba2+, and Zn2+ on the photoluminescence of the Y2O3:Eu3+ red phosphor, prepared by spray pyrolysis, is analyzed. Mg2+ metal doping is found to be helpful for enhancing the luminescence of Y2O3:Eu3+. When comparing the luminescence intensity at the optimum doping level of each Mg2+ ion, the emission enhancement shows the order of Zn2+ Ba2+ > Ca2+ > Sr3+> Mg2+. The highest emission occurs when doping approximately 1.3% Zn2+, which is approximately 127% of the luminescence intensity of pure Y2O3:Eu3+. The highest emission was about 127% of the luminescence intensity of pure Y2O3:Eu3+ when doping about 1.3% Zn2+. It is determined that the reason (Y, M)2O3:Eu3+ has improved luminescence compared to that of Y2O3:Eu3+ is because the crystallinity of the matrix is improved and the non-luminous defects are reduced, even though local lattice strain is formed by the doping of aliovalent metal. Further improvement of the luminescence is achieved while reducing the particle size by using Li2CO3 as a flux with organic additives.