Lead-free BaO–ZnO–B2O3–SiO2 glass (BZBS) and lead-based PbO–Bi2O3–K2O–SiO2 glass (LS) were synthesized by melt quench technique. Glass samples were irradiated using 60Co gamma source up to 50 kGy dose to study the changes in structural, thermo-mechanical, optical and gamma ray shielding properties. Measured density values of both the glasses were greater than 4.0 g/cc. X Ray Diffraction (XRD) studies confirmed amorphous nature of prepared glasses before and after gamma irradiation. The structural changes induced by gamma irradiation were also investigated using Raman, Positron annihilation lifetime spectroscopy (PALS) and Electron Paramagnetic Resonance (EPR) spectroscopy. PALS data revealed increase in free volume/voids after irradiation. Defect studies carried using EPR spectroscopy confirmed formation of electron trap centre in BZBS glass, whereas in LS glass in addition to the electron trap centers, non-bridging oxygen hole centers (NBOHC) and peroxy radical defects were also observed. Investigations on thermo-mechanical properties demonstrated higher glass transition temperature (Tg), hardness and modulus of elasticity values for BZBS glass as compared to the LS glass, which were found to be decreased after irradiation because of radiation induced defects. Visible transparency and band gap for BZBS glass were found to be higher than that in LS glass. After irradiation, colour change, reduction in transparency as well as band gap, and red shift in absorption edge were observed due to the formation of defects in both the glasses. The values of radiation induced absorption (α) at three different visible wavelengths have been determined for 50 kGy dose using UV–Vis transmission data. Analysis of refractive index data showed around 12 % reflection losses for both the glasses. Annealing of irradiated samples using UV light source showed significant improvement in transparency. Linear attenuation coefficient (LAC) was calculated using XCOM program and experimentally measured using 60Co 1.33 MeV gamma ray. Linear attenuation coefficient of BZBS glass was around 0.20 cm−1 whereas for LS glass value was 0.24 cm−1. Half value layer thickness of prepared glasses was also compared with available standard materials and it was found that prepared glasses may be suitable for shielding of high energy gamma rays.