Indium tin oxide (ITO) nanoparticles were synthesized by co-precipitation method using ammonia as a precipitator in absence/presence of various surfactants (LABS and Triton X-100). The synthesized nanoparticles were investigated by scanning electron microscopy, resistance measurement, photoluminescence (PL) spectroscopy and X-ray diffractometry (XRD) techniques. The XRD patterns of nanoparticles were also studied by Rietveld refinement method for calculation of crystallite size, micro-strain and lattice parameter. The results indicate that by application of LABS and Triton X-100 as surfactant the particle size was increased. Two luminescence bands were observed in PL spectra of ITO nanoparticles with the excitation energy lower than their band gaps. It was found that the ratios of luminescence bands have relation with resistances and colors of ITO nanoparticles. In addition, the band structure of ITO nanoparticles was described considering the obtained results.