Nitrogen and tellurium co-doped ZnO (ZnO:[N+Te]) films have been grown on (0001) ZnO substrate by plasma-assisted molecular beam epitaxy. The electron concentration of tellurium doped ZnO (ZnO:Te) gradually increases, compared with that of undoped ZnO (u-ZnO). On the other hand, conductivity of ZnO:[N+Te] changes from n-type to p-type characteristic with a hole concentration of 4×1016 cm-3. However, nitrogen doped ZnO film (ZnO:N) still remains as n-type conductivity with an electron concentration of 2.5×1017 cm-3. Secondary ion mass spectroscopy reveals that nitrogen concentration ([N]) of ZnO:[N+Te] film (2×10 21 cm-3) is relatively higher than that of ZnO:N film (3×1020 cm-3). 10 K photoluminescence spectra show that considerable improvement of emission properties of ZnO:[N+Te] with an emergence of narrow acceptor bound exciton (A°X, 3.359 eV) and donor-acceptor pair (DAP, 3.217 eV), compared with those of u-ZnO. Consequently, high quality p-type ZnO with high N concentration is realized by using Te and N co-doping technique due to reduction of Madelung energy.