Cone-beam x-ray luminescence computed tomography (CB-XLCT), as an emerging imaging technique, plays an important role in in vivo small animal imaging studies. However, CB-XLCT suffers from low-spatial resolution due to the ill-posed nature of reconstruction. We improve the imaging performance of CB-XLCT by using a multiband excitation-resolved imaging scheme combined with principal component analysis. To evaluate the performance of the proposed method, the physical phantom experiment is performed with a custom-made XLCT/XCT imaging system. The experimental results validate the feasibility of the method, where two adjacent nanophosphors (with an edge-to-edge distance of 2.4 mm) can be located.