A series of Tm 3+ /Ho 3+ sensitized 65GeO2-7BaF2-10B2O3-4Al2O3-4ZnO2-10Na2O glass samples were synthesized by using high temperature melting method. The spectral properties were systematically studied when Ho 3+ concentration was 0.1, 0.3, 0.5 mol % and Tm2O3 changed from 0.3 to 2.5 mol %. Differential thermal analysis showed that ∆T was higher than 190 ºC, which illustrated this kind of matrix glass have better thermal stability. The absorption cross section peak height, free energy of Ho 3+ from 5 I8 to 5 I7 and emission cross section were calculated according to Mc-Cumber theory. Under the excitation of 808 nm laser diode, fluorescence intensity at 1954 nm reached the highest value when the concentration of Ho 3+ was 0.1 mol % and Tm 3+ was 0.7 mol %. However the fluorescence intensity reduced greatly when Ho 3+ concentration was 0.5 mol % and Tm 3+ exceeded 1.5 mol %. The sensitized function and influence of different Tm 3+ /Ho 3+ doped ion ratios on the spectral properties was studied.