Er-singly and Er/Yb-codoped oxyfluoride glasses were prepared by conventional melt-quenching technique. Structural, optical, steady-state and time-resolved spectroscopy studies were performed. The down-conversion (DC) and up-conversion (UC) mechanisms in the Er3+, Yb3+ (single) and Er3+/Yb3+ (co-doped) systems were investigated under 980 nm laser excitation and the energy transfers involved in the emissions of Er3+ and Yb3+ ions were discussed. Judd-Ofelt intensity and radiative factors such as absorption cross-section (σabs) and emission cross-sections (σemi) were evaluated and an enhanced σemi was observed for the co-doped (1 mol% Er/1 mol% Yb) glasses. Gain cross-section profiles were estimated based on σabs and σemi from McCumber theory for the 4I13/2 ↔ 4I15/2 transitions. At the same time, the studied glasses also exhibited intense UC transitions from the excited states of 2H11/2, 4S3/2, and 4F9/2 to the 4I15/2 ground state of Er3+ ions and covered the strong green and red spectral regions. Time-resolved spectroscopic measurements are extended for NIR and UC emission transitions were discussed in detail.