In the present work, Dy3+ and Sm3+ co-doped Zinc Alumino-Boro-Silicate (ZABS) glasses doped with an optimized Dy3+ concentration (0.5 mol%) and varying Sm3+ concentrations are prepared using a conventional melt-quenching method. Optical absorption spectra showed the signature of Dy3+ and Sm3+ peaks through possible transitions in the range of 300-1800 nm. The optical bandgap of the glasses is obtained in the range of 4.2 to 3.9 eV. The emission curves aswellas decay lifetimes of Dy3+ and Sm3+ ions under 350 nm and 402 nm excitation were investigated using photoluminescence studies. Through the Inokuti-Hirayama (I-H) energy fitting model, the nature of energy transfer between Dy3+ and Sm3+ is found to be a 'dipole-dipole' type. Neutral to near warm white light emissions from the co-doped glasses were evaluated through colour chromaticity and correlated colour temperature calculations. The nonlinear optical measurements showed the reverse saturable absorption behaviour of the glasses whose nonlinear absorption coefficients (β) decreased with higher concentrations of Sm3+. Among the prepared glasses, ZABSDS1 (Sm3+ 0.1 mol%) glass showed the highest nonlinear coefficient (3.56 × 10-12 W/cm2) and lowest optical limiting (37.5 × 1011 W/cm2) threshold. From the overall studies, the suitability of the prepared glasses for White LEDs and optical limiting laser device applications were realized.