This study focuses on the synthesis of Sm³⁺ and Eu³⁺ rare earth ions doped zinc boro-phosphate glasses and their physical, optical and spectral characterization. Photoluminescence was carried out through both steady-state and time-domain luminescence measurements. The glasses were prepared via the melt quenching technique, and they exhibit impressive mechanical strength and transparency. Judd-Ofelt analysis of the near-infrared absorption spectra revealed parameters Ω₂, Ω₄, and Ω₆, indicating low covalency and reduced site asymmetry for the rare earth ions compared to those in silicate-based glasses. When excited with violet light, the Sm³⁺-doped samples emitted bright orange luminescence, resulting from radiative relaxation from the ⁴G₅/₂ state to lower energy levels. The calculated branching ratios correspond well with the observed emission peak ratios. However, increasing the Sm³⁺ ion concentration resulted in reduced luminescence intensity and shorter fluorescence lifetimes, due to cross-relaxation effects. In the Sm³⁺/Eu³⁺ co-doped glasses, energy transfer from Sm³⁺ to Eu³⁺ ions was detected upon selective excitation of Sm³⁺ ions. This energy transfer efficiency was found to increase with higher concentrations of Eu³⁺ ions.