In this paper, a novel nanophosphor, Y10W2O21:Eu, was synthesized through co-precipitation which is a simple and low-costing method. The structure and morphology of the nanocrystal samples were characterized by using XRD and FE-SEM. The emission spectra, excitation spectra and fluorescence decay curves were measured. J-O parameters, quantum efficiencies of Eu3+ D-5(0) energy level, color coordinates and Huang-Rhys factor of Y10W2O21:Eu nanophosphors were calculated. The results indicate that Eu3+ D-5(0)-F-7(2) red luminescence at 610 nm can be effectively excited by 394 nm near-UV light and 464 nm blue light in Y10W2O21 host, which is similar to the familiar Eu3+ doped tungstate phosphors (e.g., Gd-2(WO4)(3):Eu, CaWO4:Eu). Besides, compared with the other types of tungstate phosphors, a less expensive tungsten was used, which can effectively reduce cost. Therefore, the Y10W2O21:Eu red nanophosphors may have a potential application for white LED.