The Tb3+/Dy3+ co-doped Boro-Phosphate Glass (BPANZDyTb) was produced (40 B2O3 + 39P2O5 + 5 Al2O3 + 5 NaF + 10 ZnO + 0.5 Tb2O3 + 0.5 Dy2O3) using melt-quenching technique. X-ray diffraction measurements, Raman, and Fourier Transform Infrared were used to evaluate the structural behavior of the prepared glass. Powder-XRD spectra, in the 10–90° range showed that the prepared glass was amorphous. FTIR analysis reveals that the network contains a variety of structural groups, including B-O-B, BO4, BO, P-O, PO2, P-O-B, and PO4 units. The UV–visible diffuse reflectance spectroscopy was used to record and study the optical linear properties of Tb3+/Dy3+ co-doped Boro-Phosphate Glass (BPANZDyTb). The photoluminescence excitation peak was obtained at 348 nm. The emission peaks were located at 484 nm (4F9/2 → 6H15/2 → blue), 576 nm (4F9/2 → 6H13/2 → yellow), and 662 nm (4F9/2 → 6H11/2 → red). Tb3+ ions are located at 412 nm (5D3 → 7F5), 441 nm (5D3 → 7F4), 546 nm (5D4 → 7F5), and 625 nm (5D4 → 7F3). The result of CIE 1931 chromaticity coordinates indicate that the prepared glass is suitable material for cold white light emitting diode applications due to its color coordinates x = 0.3106 and y = 0.3240 and correlated color temperature (CCT) values about 6768 K. The gamma-ray parameters such as half-value layer (HVL), mass attenuation coefficient (μ/ρ), mean free path (MFP), and effective atomic number (Zeff) of the BPANZDyTb glass were studied using Phy-X software. The results of the gamma-ray parameter show that the Dy3+ ions and Tb3+ ions co-doped BoroPhosphate glass is an appropriate material for radiation shielding applications.