A multiphase strategy is proposed and successfully applied to make the insulating green phosphor CaCeAl3O7:Tb3+ conductive in the form of 12CaO·7Al2O3–CaCeAl3O7:Ce3+,Tb3+. The phosphor shows bright green-light emission with a short lifetime (2.51 ms) under low-voltage electron beam excitation (3 kV). The green photo- and cathodoluminescence from 5D4–7FJ (J = 6, 5, 4, 3) transitions of Tb3+ are significantly enhanced in comparison with pure C12A7:Tb3+. It was confirmed that this enhancement is the consequence of the joint effects of energy transfer from Ce3+ to Tb3+ and broadening of the absorption spectrum of Ce3+ due to the existence of multiple phases. In particular, under 800 V electron beam excitation, cathodoluminescence is improved by the modified electrical conductivity of the phosphor. When compared to the commercial Zn2SiO4:Mn2+ with a long luminescence lifetime of 11.9 ms, this conductive green phosphor has greater advantage for fast displays.