Provided is an oxysulfide luminescent material. The luminescent material has a general chemical formula of Ln2−xO2S:Eux3+@My, wherein@ is coating, Eu is doped in Ln2−xO2S, Ln2−xO2S:Eux3+has a porous structure, and M is located in pores of the Ln2−xO2S:Eux3+. In the oxysulfide luminescent material, metal nano particles coating is used to form a core-shell structure, which increases luminescent efficiency of the oxysulfide luminescent material in a same excitation condition; in addition, a hollow structure is formed between a core and a shell layer of the oxysulfide luminescent material, which effectively reduces usage of rare earth elements in the shell layer and lowers cost of the luminescent material. Also provided is a preparation method for the oxysulfide luminescent material.