The work is devoted to the study of the spectral properties of potassium alumina-borate glass activated with different concentrations of trivalent chromium compounds. In this work, the glass transition temperatures of the composition (434°С) and the volume crystallization temperature of the glass matrix (600°С) were determined. Heat treatment of glass at the crystallization temperature led to the appearance of intense narrow luminescence bands in the region of 685–715 nm, which was associated with the nucleation of the crystalline LiAl7B4O17: Cr3 + phase in the glass matrix, in which chromium occupied positions in the high-symmetric octahedral environment. The concentration dependences of luminescence lifetime and quantum yield showed the presence of concentration quenching of the luminescence with an increase in the chromium content from 0.05 to 0.2 mol%. The maximum value of the quantum yield was 30%.