Dy3+-doped and Dy3+/Eu3+-codoped Gd2MoO6 phosphors were synthesized by hydrothermal method. The results of X-ray diffraction indicate that the Gd2MoO6 phosphors have crystallized with the monoclinic structure. The emission spectra exhibit emissions at 577 nm and 488 nm that corresponded to the yellow and blue emissions, respectively. The emission intensity of these bands increases with the rise of the Dy3+ up to a particular concentration and then reduces at a higher level. The observed behaviour was explained on the basis of concentration quenching phenomena. The enhancement in the emission intensity of the Dy3+ with the addition of Eu3+ along with the red emission at 617 nm for Eu3+ was noted. The energy transfer between the two rare earth ions was studied. Codoping with the trivalent Eu ions neutralized the red emission part of the phosphor. Thus, by incorporating the adequate quantity of Eu3+ the photometric characteristics of the phosphors can be adjusted.