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Entusiasmado vs. emocionado vs. ilusionado

While entusiasmado, emocionado, and ilusionado can all be translated as excited, they carry distinct nuances. Entusiasmado relates to active zeal, emocionado to strong feelings of happiness or being emotionally moved, and ilusionado to hopeful anticipation for the future.

Entusiasmado

B2
This word describes a state of active energy, passion, and zeal. Think of entusiasmado as being full of enthusiasm for an activity, a project, or a topic you are passionate about. It focuses on the vigorous and passionate nature of the excitement.
El científico está muy entusiasmado con los resultados del experimento.
(The scientist is very enthusiastic about the results of the experiment.)
Los aficionados estaban muy entusiasmados durante el concierto.
(The fans were very enthusiastic during the concert.)
Estoy entusiasmado por empezar mi nuevo trabajo la próxima semana.
(I am enthusiastic about starting my new job next week.)
Es un profesor que está realmente entusiasmado con su materia.
(He is a teacher who is really enthusiastic about his subject.)

Emocionado

A2
This is the most common and versatile term, stemming from emoción (emotion). It can mean excited in the sense of thrilling anticipation for a specific event, but it can also mean moved or touched by a strong emotion, which could even lead to tears of joy or sadness.
Mi hermana está muy emocionada por su boda el sábado.
(My sister is very excited about her wedding on Saturday.)
El discurso de graduación fue tan bonito que me dejó emocionado.
(The graduation speech was so beautiful that it left me moved.)
Los niños se pusieron muy emocionados cuando vieron la nieve por primera vez.
(The children got very excited when they saw snow for the first time.)
Estaba demasiado emocionado para hablar después de recibir el premio.
(I was too emotional to speak after receiving the award.)

Ilusionado

B1
This word is tied to ilusión, meaning hope, dream, or fond expectation. It describes a gentle, hopeful excitement about a future event or possibility. It's about looking forward to something with a pleasant, often dreamy, sense of anticipation.
Estoy muy ilusionado con la posibilidad de mudarme a una nueva ciudad.
(I am very excited/hopeful about the possibility of moving to a new city.)
Están muy ilusionados con la compra de su primera casa.
(They are very excited about buying their first house.)
La niña está ilusionada porque cree que va a recibir un perrito en Navidad.
(The little girl is excited because she believes she is going to get a puppy for Christmas.)
Después de la primera cita, se sentía muy ilusionado.
(After the first date, he felt very hopeful and excited.)

Summary

In short: use entusiasmado for active passion and zeal for an activity or interest. Use emocionado for strong, immediate feelings, whether it's thrilling excitement for an event or being emotionally moved. Use ilusionado for a gentler, hopeful excitement about a future possibility or dream.