In this work, a new fluoroborate (B2O3+AlF3+NaF + CaF2) glass has been fabricated using the melt-quenching technique. Glass sample has been characterized via X-ray diffraction, scanning electron microscope, and optical spectrophotometric measurements for absorption, transmission, and reflection in the range of 350–750 nm. The optical absorption of this transparent glass is used to determine the absorption coefficients, which are then used to estimate the extinction coefficients. The refractive indices as a function of wavelengths are estimated using extinction coefficients and reflectance data of fluoroborate glass. Very important parameters such as density, molar volume, and molar polarizability have been extensively studied. Using these data, fundamental optical parameters such as average oscillator strength (6.42) and inherent absorption wavelength (119 nm) are evaluated using the Drude-Voigt single oscillator model. Compared with previously studied oxide-based glasses, the fluoroborate glass possesses a relatively high refractive index of 1.74 and an Abbe number of 49 in the visible region of 587.6 nm. The relationship between inherent absorption wavelength and Abbe number values is also discussed. Moreover, the values of refractive index and linear optical susceptibility are used to evaluate the third-order optical susceptibility (11.56 × 10−14 esu) and nonlinear refractive index (2.50 × 10−12 esu). These results suggest that fluoroborate glass is a potential material for optical lenses and nonlinear devices in the visible range.