The Muslim website SmartArk has a template for a paper lantern. You can print it here: Stars and Moon Lantern (pdf). This seems like an easy and fun lantern to make with the kids.
The template comes pre-printed with stars and moons to color in. However, I’m thinking to print it out on colored paper and decorate the blank side! That would be great for kids who have outgrown the star/moon design.
I learned about this lantern from Muslim Learning Garden.