Eu and Eu:Yb codoped ZnO nanocrystals embedded in B2O3 glass matrix were synthesized and their structural, optical properties were discussed. On excitation with 532 nm laser radiation intense orange/red emissions from Eu3+ ions were observed. The fluorescence intensity was found to enhance on annealing. Frequency upconversion emissions from Eu3+ ions were observed in presence of Yb3+ ions on excitation with NIR (976 nm) laser. The enhancement in emission intensity was explained and the photo-physics involved is linked with the unique structural properties of the crystallites formed. Ion interactions and the different energy transfer parameters were also calculated.