In the paper the analysis of up-conversion (UC) luminescence in 0.5Yb2O3/(0.25-1)Eu2O3 (mol.%) co-doped germanate glass and optical fibre has been investigated. Up-conversion emission of bands at 591, 616, 652, 701 nm to which correspond Eu3+: 5D0 → 7F1, 5D0 → 7F2, 5D0 → 7F3, 5D0 → 7F4 transitions, respectively was obtained as a result of cooperative energy transfer between Yb3+ and Eu3+ ions. The highest up-conversion emission (Yb3+ → Eu3+ energy transfer efficiency η = 24%) was obtained in 0.5Yb2O3/0.75Eu2O3 co-doped glass. Comparison of up-conversion and down-conversion luminescence spectra of bulk glass, glass fibre and different length double-clad optical fibre (up to 5 m) showed subtle differences in shape of the spectrum. In comparison to down – conversion emission (λexc = 405 nm) main UC luminescence band is red-shifted by 2 nm and is characterized by 5 nm greater full – width half – maximum (FWHM).