The inherent properties of heavy metal oxide glasses have led to their widespread applications in various domains including lasers, optical fibers, optoelectronics, and radiation shielding materials. Tellurium oxide and bismuth oxides are conditional glass forming heavy metal oxides which, when combined, suitably yield significant improvement in the whole system. Lower phonon energy of tellurite helps in aiding broader transmission and lasing properties, while the ability of bismuth ions to reside in various valence states aids in incorporation of optically active rare earth ions in these glasses. The near infrared emission characteristic of bismuth ions could be improved by co-doping with rare earth ions to improve the emission and consequently their applications as photonic devices. Higher density of these oxides helps in increasing the radiation shielding ability, thereby making them suitable replacement materials for lead based toxic compounds.