An intrinsic photoluminescent ionic liquid based on europium(III) tetrakis(beta-diketonate) complex with a tetraalkylphosphonium as counterion was synthesized. Calorimetric measurements showed a melting point at 63 °C, which allows the ionic liquid classification. When cooling the material from the liquid state, metastable supercooled ionic liquid is obtained, as seen from NMR spectroscopy as well. Eu(III) photoluminescence is clearly observed while the absorption spectra of the ligand is dominant, showing the antenna effect. This was confirmed with submicrosecond time scale luminescence spectroscopy, where a rise of Eu(III) emission is observed with the correspondent decay of the ligand excited state. Temperature effects in the photoluminescence are also shown, being prominent above the melting point where the intensity decreases with Arrhenius behavior. Eu(III) luminescence decays also show features characteristic of energy migration between homologue Eu(III) species. Solvent effects were also studied by NMR and Luminescence spectroscopies, highlighting that the nucleophilicity of organic solvents such as n-alcohols leads to a coordination with Eu(III), which ultimately compromises the stability of the complex.