Novel multicomponent glasses with nominal compositions of (50-x)MoO3:xWO3:25La2O3:25B2O3, x = 0, 10, 20, 30, 40, 50 mol% doped with 3 mol % Eu2O3 were prepared using a conventional melt-quenching method. Their structure, thermal behavior and luminescent properties were investigated by Raman spectroscopy, differential thermal analysis and photoluminescence spectroscopy. The optical properties of the glasses were investigated by UV-vis absorption spectroscopy and a determination of the refractive index. Physical parameters such as density, molar volume, oxygen molar volume and oxygen packing density were determined. The glasses are characterized by a high glass transition temperature. Raman analysis revealed that the glass structure is built up mainly from tetrahedral (MoO4)2- and (WO4)2- units providing Raman bands of around 317 cm-1, 341-352 cm-1, 832-820 cm-1 and 928-935 cm-1. At the same time, with the replacement of MoO3 with WO3 some fraction of WO6 octahedra are produced, the number of which increases with the increasing WO3 content. A strong red emission from the 5D0 level of Eu3+ ions was registered under near-UV (397 nm) excitation using the 7F0 → 5L6 transition of Eu3+. Photoluminescence (PL) emission gradually increases with increasing WO3 content, evidencing that WO3 is a more appropriate component than MoO3. The integrated fluorescence intensity ratio R (5D0 → 7F2/5D0 → 7F1) was calculated to estimate the degree of asymmetry around the active ion, suggesting a location of Eu3+ in non-centrosymmetric sites. All findings suggest that the investigated glasses are potential candidates for red light-emitting phosphors.