There is provided a light-emitting medium by which whether a valuable paper or the like is forged or not can be judged easily and promptly, the light-emitting medium being difficult to be forged. A light-emitting medium (10) includes a light-emitting image (12). The light-emitting image (12) includes a plurality of first pattern elements (200) and a plurality of second pattern elements (250). Each of the first pattern elements (200) and each of the second pattern elements (250) constitute micro-characters. The first pattern elements (20) form a latent image in the micro-character rows. The first pattern element (200) of the light-emitting image (12) and the second pattern elements (250) thereof are formed by printing a first fluorescent ink (13) and a second fluorescent ink (14) on a substrate (11). The first fluorescent ink (13) contains a first fluorescent material. The second fluorescent ink (14) contains a second fluorescent material. The first fluorescent material is made of a fluorescent material which emits light of blue color when UV-A is irradiated, and emits light of red color when UV-C is irradiated. The second fluorescent material is made of a fluorescent material which emits light of blue color or light of a color that is viewed as the same color as the blue color when the UV-A is irradiated, and emits light of green color when the UV-C is irradiated.
