Micropowders of cubic boron nitride doped with neodymium are prepared under high-pressure and high-temperature conditions. The phase composition of the micropowders is studied using X-ray diffractometry and X-ray fluorescence analysis. The photoluminescence, photoluminescence excitation spectra, and the life-time of the 4F3/2 excited state of Nd ions introduced into cubic boron nitride are investigated. In photoluminescence spectra of the micropowders, structured bands are recorded in the range of the 4F3/2→4I9/2 and 4F3/2 4I11/2 electronic transitions. A higher intensity of the first structured band indicates that the corresponding photoluminescence in cubic boron nitride doped with neodymium is excited by the “three-level scheme.” It is demonstrated that an increase in the concentration of the neodymium compound in the growth batch leads to the formation of two luminescence centers Nd1 and Nd2 formed by neodymium ions located in different low-symmetry crystal fields in the micropowders. This is confirmed by X-ray diffraction investigations and the study of the photoluminescence decay curves. The 4F3/2 short-lived state is assigned to the Nd ions forming the Nd1 centers, and the long-lived state is attributed to the Nd ions forming the Nd2 centers.