The present invention provides a luminescent composition which is capable of providing an inorganic electroluminescent sheet with a high productivity at low costs in an efficient manner, and has a desired light transmittance (transparency) when no electric voltage is applied thereto, an inorganic electroluminescent sheet obtained from the luminescent composition which can be mass-produced, and a process for producing the inorganic electroluminescent sheet. The present invention relates to a luminescent composition including an inorganic electroluminescent substance and a binder resin, wherein a content of the inorganic electroluminescent substance is not less than 0.5 part by mass and less than 100 parts by mass on the basis of 100 parts by mass of the binder resin; and an inorganic electroluminescent sheet including at least a first transparent substrate, a first transparent electrode, an inorganic electroluminescent layer, a first transparent electrode and a second transparent substrate which are successively laminated in this order, wherein the inorganic electroluminescent layer is formed from the above luminescent composition, and the inorganic electroluminescent sheet has a light transmittance of 60% or more as measured at a wavelength of 550 nm under a non-light emitting condition.