This paper reports on the physical and optical properties of phosphate glasses containing red-emitting Mn2+ and near-infrared (NIR)-emitting Yb3+ ions of interest for solar spectral conversion. The glasses were prepared by melting with 50P2O5-(48 – x)BaCO3-2Yb2O3-xMnCO3 (x = 0, 1, 2, 3, 4 mol%) formulas, and characterized by X-ray diffraction (XRD), Fourier transform-infrared (FT-IR) spectroscopy, differential scanning calorimetry (DSC), UV-Vis-NIR spectrophotometry, and photoluminescence (PL) spectroscopy. The glasses were X-ray amorphous with the various characteristic features of phosphate glasses being evident in the FT-IR spectra. The thermal properties of the co-doped glasses assessed by DSC appeared similar despite the variation in manganese content. The optical absorption spectra supported the occurrence of Mn2+ ions while Mn3+ was detected at high MnCO3 content. The NIR absorption due to Yb3+ ions was nonetheless consistent with the fixed Yb2O3 content. The PL evaluation showed that sensitized Yb3+ PL was attained under Mn2+ excitation at 410 nm where the NIR emission increased with MnCO3 content in connection with Mn2+ → Yb3+ energy transfer. However, the NIR emission output realized with 4 mol% MnCO3 was just marginally higher than the obtained with 3 mol% MnCO3. On the other hand, the red Mn2+ emission was highest for 3 mol% MnCO3. Thus, considering the optimized red and NIR emissions while minimizing absorption by Mn3+, the Yb-containing glass melted with 3 mol% MnCO3 was put in perspective with the concept of solar spectral conversion.