In this study, photoluminescence (PL) analysis was performed to evaluate the optical properties of commercial ZnO substrates. Particular attention was paid to the bound exciton (BX) luminescence, which is usually the strongest emission intensity of commercial substrates. At 15 K, PL analysis revealed that the BX peak due to donor-type impurities (donor-bound-exciton; DX) dominated, while two-electron satellite (TES) emission, donor-accepter pair (DAP) emission, and LO-phonon replica emission were also observed. The impurity concentration of the ZnO substrate was determined to be 10¹⁵ to 10¹⁶/cm³ by examination of the temperature variation of DAP, while the half width and intensity change of the luminescence revealed that the temperature change of BX can be interpreted almost the same as the analysis of free-exciton emission.