Heavy metal oxide (PbO and Bi2O3) glasses doped with transition metal (TM) ions (TiO2, V2O5, Cr2O3, and MnO2) and having low content of common glass formers (B2O3, SiO2, or P2O5) were prepared by the conventional melt annealing method. Ultraviolet, visible absorption, and photoluminescence properties of these glasses were measured, and the data were employed to investigate the prepared glassy samples. The optical absorption spectra of TiO2 and V2O5 exhibited three bands centered at about 240, 305, and 380 nm, followed by a broad asymmetrical near-visible band centered at 425–432 nm, while Cr2O3 and MnO2 exhibited an extended visible peak at 517–548 nm. Results showed that the luminescence intensity changed with different transition metal oxides. From the absorption edge data, the values of the optical band gap Eopt and Urbach energy (ΔE) were calculated. The calculated values of the optical energy gap were found to be dependent on the glass composition. The changing values of optical band gap and band tail can be related to the structural changes that are taking place in the glass samples. The variations of the luminescence intensity, values of optical band gap, band tail, and refractive index gave an indication of the potential use of the prepared glasses to design novel optical functional materials with higher optical performance.