The work aims to research the conditions to obtain high transparency by exploring the factors that affect the transparency of fluorescent gravure inks (FGIs). A series of FGI samples were designed and prepared based on four kinds of phosphors and waxes, respectively. The transparency of samples was observed at first sight with naked eyes. The micro-area surface of the samples was observed with fluorescent metallographic microscope to deeply explore the factors that affected the transparency. The transmittance of visible region was studied with ultraviolet-visible spectrophotometer, and the printability indicators (such as viscosity, fineness, adhesion and initial dryness) of optimal formula ink obtained were tested. Based on the observation with naked eyes, the transparency of sample 1-1 prepared with self-made rare earth complex --- phosphors of excellent oil solubility was apparently higher than that of ink samples 1-2/3/4 prepared with commercially available phosphors. In samples 2-1/2/3/4 prepared with self-made powder and four kinds of waxes, sample 2-4 was more transparent than other three samples. The observation results of fluorescent metallographic microscope indicated that, the self-made powder and wax 4 took on micro-nano size distribution in samples and such distribution was the major condition to obtain high transparency. The transmittance research results showed that, with wax 4 of excellent oil solubility, the transparency of ink samples achieved could be as extremely high as 99.28%. The viscosity of sample 2-4 was 28 s, the fineness was 0 mm, adhesion was 99% and initial dryness was 33. It is concluded that the adoption of self-made powder and wax 4 is conducive to significantly improving the transparency of fluorescent gravure ink. The printability of the optimal formula ink obtained conforms to the requirements of GB/T 18754—2002.