Photochromic luminescent glass-ceramics attract lots of attention as an optical storage medium owing to their large storage capacity, reversible luminescence modulation, simple operation, etc. Herein, a kind of phosphosilicate glass containing AgBr nanoparticles was designed and prepared, which can realize the color reversible transformation between light yellowish-green and brown by alternating 365 nm light illumination and thermal treatment at 300 °C. The mechanism of photochromism and bleaching of the glass is related to the generation and decomposition of Ag0 clusters. Relying on the re-absorption effect, the emission intensity of Eu3+ ions could be reversibly regulated, showing the maximum luminescence contrast of 74 %. A good fatigue resistance and reproducibility of transmittance and luminescence modulation could be observed in cycle measurements, demonstrating its potential in the optical memory field.