Ultrathin nanolaminates based on Al2O3-Y2O3 bilayers were successfully grown by ALD. The optical properties of Al2O3-Y2O3 nanolaminates depend on the bilayer thickness. The refractive index and the optical bandgap of the nanolaminates can be modulated. The optical properties indicate that this material can be exploited for optical coatings. Combination of these materials is suitable for developing devices at nanoscale.