We present a method for making microbubble whispering gallery resonators (WGRs) from tellurite, which is a soft glass, using a CO2 laser. The customized fabrication process permits us to process glasses with low melting points into microbubbles with loaded quality factors as high as 2.3 × 106. The advantage of soft glasses is that they provide a wide range of refractive index, thermo-optical, and optomechanical properties. The temperature and air pressure dependent optical characteristics of both passive and active tellurite microbubbles are investigated. For passive tellurite microbubbles, the measured temperature and air pressure sensitivities are 4.9 GHz/K and 7.1 GHz/bar, respectively. The large thermal tuning rate is due to the large thermal expansion coefficient of 1.9 × 10-5 K-1 of the tellurite microbubble. In the active Yb3+-Er3+ co-doped tellurite microbubbles, C-band single-mode lasing with a threshold of 1.66 mW is observed with a 980 nm pump and a maximum wavelength tuning range of 1.53 nm is obtained. The sensitivity of the laser output frequency to pressure changes is 6.5 GHz/bar. The microbubbles fabricated using this method have a low eccentricity and uniform wall thickness, as determined from electron microscope images and the optical spectra. The compound glass microbubbles described herein have the potential for a wide range of applications, including sensing, nonlinear optics, tunable microcavity lasers, and integrated photonics.