Spherical nanoparticles of ZrO2 with 2 and 10 mol% EuO1.5 up to 20 nm size were prepared by the method of hydrothermal synthesis for luminescent functionalization of the polymer–inorganic nanocomposites based on poly(methyl methacrylate). Surface modification of oxide nanoparticles was carried out by 3‐(trimethoxysilyl)propyl methacrylate, dimethoxymethylvinyl silane and 2‐hydroxyethyl methacrylate to provide uniform distribution and to prevent agglomeration of nanosized filler in the polymer matrix. Polymer–inorganic composites were synthesized by in situ free radical polymerization in bulk. Structuring of ZrO2‐EuO1.5 nanoparticles in the poly(methyl methacrylate) was studied by very‐small‐angle neutron scattering. According to the results, the dependence of photoluminescent properties of ZrO2‐EuO1.5 nanoparticles on the content of lanthanide, the symmetry of the crystal field, surface treatment and the polymer matrix were established. A correlation was shown between Stark splitting in luminescence spectra of ZrO2‐EuO1.5 nanoparticles and their phase composition. Using MMT‐assay it was shown that composites based on poly(methyl methacrylate) and ZrO2‐EuO1.5 nanoparticles do not have cytotoxic properties, which makes it possible to use them as prosthesis materials with contrasted and luminescent imaging properties.