Glasses containing two different network-forming components and doped with optically active ions exhibit interesting properties. In this work, glass systems based on germanium dioxide and boron trioxide singly doped with lanthanides (Eu3+) and transition metals (Cr3+) ions are research subjects. Optical spectroscopy was the major research tool used to record excitation and emission spectra in a wide spectral range for studied systems. The emitted radiation of glasses doped with Cr3+ ions is dominated by broadband luminescence centered at 770 nm and 1050 nm (4T2 → 4A2). Interestingly, the increase of concentration of one of the oxides contributed to the detectable changes of the R-line (2E → 4A2) of Cr3+ ions. Moreover, EPR spectroscopy confirmed the paramagnetic properties of the obtained glasses. The influence of molar ratio GeO2:B2O3 on spectroscopic properties for Eu3+ ions is discussed. The intensity of luminescence bands due to transitions of trivalent europium ions as well as the ratio R/O decrease with the increase of B2O3. On the other hand, the increase in concentration B2O3 influences the increasing tendency of luminescence lifetimes for the 5D0 state of Eu3+ ions. The results will contribute to a better understanding of the role of the glass host and thus the prospects for new optical materials.