Yb3+/Er3+ co-doped BaGd2ZnO5 phosphors were prepared by using the sol-gel method. The up-conversion luminescence powers and efficiencies were measured under different excitation densities. The obtained data showed that the green luminescence power was proportional to the second-order of that of the excitation power under the lower excitation density and linearly in the higher one. The up-conversion mechanism under different excitation power was described by a rate equation. Yb3+/Er3+ co-doped BaGd2ZnO5 was excited by 971 nm LD laser with a square wave signal modulation and the rise and decay processes of green up-conversion luminescence were measured. In a low excitation condition, the rate equation of the energy level 4S3/2 for Er3+ ions was used to fit the green rise and decay processes in order to fix the relevant parameters, and confirm that the population of 4S3/2 energy level of Er3+ ion mainly came from the energy transfer from Yb3+ to Er3+.