The steady-state fluorescence spectrum characteristic of ethanol-water excimer has been studied in this paper. By analysing the features of the sharp emission spectrum with fine structures in a shortwave band and the characteristics of the broad and featureless fluorescence peaks in the longwave band, one can conclude that the excimers are formed between the new ethanol-water cluster molecules in the excited state and the ground state through the interaction among different chromophores. The excitation spectra in the two fluorescence bands have been studied, and their emission mechanisms have been ascertained based on the energy transfer theory. Furthermore, the critical distance of the resonance energy transfer has been calculated.