Phase relationships in the system Li2O, B2O3‐B2O3 were studied by the quenching method using twenty compositions. The crystalline phases encountered were (a) Li2O, B2O3, which melts congruently at 849°± 2°C., (b) Li2O.‐2B2O3, which melts congruently at 917°± 2°C., (c) a new compound, 2Li2O‐5B2O3, which melts incongruently at 856°± 2°C. and dissociates below 696°± 4°C., (d) Li2O.3B2O3, which melts incongruently at 834°± 4°C. and dissociates below 595°± 20°C., and (e) probably Li2O.4B2O3, which melts incongruently at 635°± 10°C. Reactions were sluggish at temperatures near 600°C., resulting in metastable relations. Hence phase equilibrium data relating to the lower stability limit of Li2O.3B2O3 and to the upper stability limit of Li2O.4B2O3 are considered to be tentative. Properties of the glasses and crystalline phases were studied. The refractive index of the glasses increased with the addition of Li2O up to 22%, but further additions up to 40% had no substantial effect. Glasses containing less than 30% Li2O were water soluble. Limited data on the density and thermal expansion of the glasses are presented. Li2OB2O3 was euhedral, lath‐shaped, length‐fast, biaxial negative (2V = 27°), with nα= 1.540, nβ= 1.612, nγ= 1.616. Li2O.2B2O3 was uniaxial negative, with ne= 1.560, nw= 1.605. Li2O.3B2O3 was biaxial negative (2V = 75° to 80°), with nα= 1.576, nβ= 1.602, nγ= 1.605. X‐ray powder diffraction data for the five crystalline compounds are presented. Thermal expansion data for Li2O‐B2O3 and Li2O.2B2O3 and limited data on the fluorescent properties of the compounds are given. X‐ray diffraction data are also presented for Li2O.B2O3.4H2O and Li2O.‐5B2O3. 10H2O. Li2O B2O3 was obtained by heating the first hydrate at 450° to 680° C. X‐ray diffraction showed Li2O.4B2O3 and Li2O‐3B2O3 to be the crystalline products obtained during heating the decahydrate at 500°C. and 600°C., respectively.