This paper reports the preparation of some samarium ions (Sm3+) and dysprosium ions (Dy3+) co-doped barium-sulfur-telluro-borate glasses using the standard melt quenching. The influence of the co-doping on the structures and spectroscopic traits of these glasses was analyzed to determine the feasibility of achieving an intense lasing and white light-emitting action. The XRD pattern of the as-quenched samples confirmed their glassy nature. The FTIR and Raman spectra showed the existence of BO4, BO3, TeO4, and TeO3 functional groups. The EDX spectra and elemental maps confirmed the presence of right elements and their homogeneous distribution in the glass network. The absorption spectra revealed the characteristics peaks of the Dy3+ and Sm3+. The intense absorption transitions from 6H15/2 to 6P7/2, 4I15/2, 6Fk/2 and 6Hj/2 levels were matched to the Dy3+ and the weak transitions from the 6H5/2 to 6F5/2, 6F3/2, 6H15/2 and 6F1/2 levels were due to the Sm3+. The Judd-Ofelt intensity and radiative parameters were calculated to complement the experimental optical results. The luminescence spectra of the glasses revealed the characteristic emission bands of the co-activated ions which were ascribed to the energy transfer mechanisms from the Dy3+ to Sm3+. Raman and decay curve analyses revealed the low phonon energy (680 cm−1) and a decreasing trend in the lifetimes of the excited states, respectively. The achieved high value of the branching ratio of 85.8% for the 4F9/2 → 6H13/2 transition in BSTSmDy1.5 sample indicated its lasing potency. The CIE plot of the glasses exhibited their prospect for the white light generation.