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Efficient three-step sequential three-photon near-infrared (NIR) quantum cutting in Tm3+-doped transparent oxyfluoride glass ceramics has been demonstrated, where an absorbed blue photon could be cut into three NIR photons at 1190, 1460, and 1800 nm with quantum yield greater than unity. On the basis of static and dynamic photoemission, monitored excitation, and time-resolved fluorescence spectra, we investigate in detail the underlying optoelectronic mechanism. Further development of an efficient triply-cutting material might open up a path towards ultra-efficient photonic devices, which enables more photons emitted than absorbed in the excitation process.