Cadmium zinc telluride (CdZnTe) is an emerging material for room-temperature x-ray and gamma ray detectors. The identification and control of point defects and charge compensators are currently important issues. Low-temperature photoluminescence (PL) and electron paramagnetic resonance (EPR) spectroscopies have been used to characterize point defects in CdZnTe crystals grown by the high-pressure Bridgman technique. Luminescence due to shallow donors, shallow acceptors, and deeper acceptors was monitored for a series of samples. An isotropic EPR signal attributed to shallow hydrogenic donors is observed in all samples, and the concentration of shallow donors has been determined. The nature of the defect centers (impurities, vacancies, vacancy-impurity complexes), and the correlation between defect concentration and device performance is discussed.