Adding TeO2 and growing nanoparticles of CdSe can significantly affect the optical properties of Pr3+ ions doped in bismuth borate glasses. We used a modified Judd-Ofelt analysis to obtain the intensity parameters from the optical absorption spectra. Adding TeO2 leads to an increase in the covalency of the Pr-O bond. However, the presence of CdSe nanoparticles makes Pr-O bond less covalent. Optical band gap shows a considerable decrease when nanoparticles are present. Phonon side band analysis suggests that energy levels of Pr3+ responsible for the intense red emission are populated through a cross-relaxation mechanism instead of multiphonon decay process. The blue transition of Pr3+ shows significant enhancement for the stimulated emission cross-section when CdSe nanoparticles are present. Chromaticity analysis identifies the overall light emissions from different glass samples with various standard sources. Our glass samples also possess high spectroscopic quality factors compared to similar systems doped with Pr3+ ions.