A series of the TeO 2 –GeO 2 –ZnO glass system was single and double doped with different Tb 3+ /Eu 3+ ratios. Their luminescent and colorimetric properties were analyzed for possible use as phosphor materials in lighting devices. The characterization by X-ray diffraction and Raman spectroscopy verified the glassy nature of the fabricated samples. The luminescent properties of the doped glasses were analyzed by means of steady-state fluorescence and time-resolved spectroscopy. The Tb 3+ excitation bands observed in the codoped samples while monitoring the 700 nm emission of Eu 3+ , as well as the shortening of Tb 3+ lifetime in presence of europium indicated a Tb 3+  → Eu 3+ energy transfer, which main interaction type is electric dipole–dipole, according to Inokuti–Hirayama model. The Eu 3+  → Tb 3+ energy transfer also occurs in the samples but with lower efficiency. The CIE1931 chromaticity coordinates, upon different excitation wavelengths, show a multicolor tunning from green to orange-red due to the lanthanide concentration ratio and the Tb 3+  → Eu 3+ energy transfer process.