The amalgamation of different compositions of 20ZnO.(80-x)B2O3.xLi2O (x = 10, 20, 30 and 40) glasses have been performed via well-known melt quenching technique. The absence of any sharp peak in X-ray Diffractograms confirms short range order i.e. amorphous nature of selected glass series. Calculations of density (ρ) have been done using the Archimedes principle and further different physical parameters such as molar volume (Vm), crystalline volume (Vc), bond density (nb), electronegativity difference (∆x), bond ionicity (Ib), boron-boron distance (<dB-B>), polaron radius (Rp), lithium ion concentration (N), lithium interionic separation (Ri), and lithium yield field strength (F) were calculated and found to be in correlation. Structural modifications occurring in the glass network with the addition of lithium oxide have been studied by identifying and careful assignment of structural groups present in the IR and Raman spectra on the basis of literature survey. The FTIR and Raman analysis revealed that the neutral triangular structural units (BØ3) transforms into charged tetrahedral borate units (BØ4−) which signifies the compactness of the glass network with enhancement in lithium concentration. The optical transmission studies revealed that glass composition 20ZnO.40B2O3.40Li2O acts as a UV band reject filter for wavelengths ranging from (247-323)nm whereas it acts as a transparent window with ∼80% transparency in the visible region. These optical features make glass composition 20ZnO.40B2O3.40Li2O suitable for radiation protection shields and may be used as an UV protective coating on window/sun glasses. The optical absorption spectrum has been in the light of the Mott and Davis model, Hydrogenic Excitonic model and modified Urbach energy model for extracting different optical parameters.