In this manuscript, gel-combustion synthesis of Al5BO9:xTb3+ (x = 0.0%, 0.05%, 0.1%, 0.2% and 1.5%) phosphor along with the detailed structural characterizations using a host of techniques such as XRD, SEM, EDS, IR, EXAFS and PL etc. has been reported. XRD analysis confirmed the phase pure formation and also the nanocrystalline nature of the materials. Detailed EXAFS analysis explained the oxidation state and the coordination behaviour of Tb3+ ion in the Al5BO9 matrix. PL study showed that the material can be a potential green light emitting phosphor. Thermoluminescence (TL) study revealed the presence of a wide shoulder peak and a broad dosimetry peak situating at 551 K. Net TL response from 10B and 11B enriched Al5BO9:0.1%Tb3+ thin pellets showed prolonged linearity within the thermal neutron fluence range of 3.2 × 1010 to 1.6 × 1011 n/cm2. Also, the maximum fading of the TL signal is only 9% during the storage period of 112 days. These indicates that the developed material can be a potential candidate for dosimetry applications involving high intensity slow neutron beams. The TL glow curve was deconvoluted which revealed the presence of five individual peaks whose kinetic parameters viz. activation energy (E), order of kinetics (b) and frequency factor (s) were evaluated using both glow curve deconvolution and Chen's peak shape method and the results were found to be in good agreement.