A series of Ce3+/Eu3+ co-doped biocompatible lithium zinc borate glasses were synthesized via melt quenching. X-ray diffraction, Raman and scanning electron microscopy studies were carried out for synthesized glasses. The photoluminescence spectrum of Ce3+ glass exhibited a broad blue band at 447 nm (5d→4f) with λexc = 350 nm. The optimized content of Eu3+ (1.0 mol%) doped glass exhibited an intense red emission at 612 nm (5D0→7F2) under λexc = 393 nm. The energy transfer is supported by spectral overlap, fluorescence, decay dynamics, and Commission Internationale de l'Elcairage color coordinates. Inokuti–Hirayama model revealed energy transfer from Ce3+ to Eu3+ is dominated by dipole-dipole interaction. The chromaticity coordinates of Eu3+ have been shifted from red to white region by inclusion of Ce3+ ions due to efficient energy transfer from Ce3+ to Eu3+. In vitro Prestoblue assay result confirms non-cytotoxicity with appreciable biocompatibility. Based on these spectral features, Ce3+/Eu3+ co-doped biocompatible lithium zinc borate glasses can be suggested as a promising candidate for white light applications.