A growing demand for white light‐emitting diodes (W‐LEDs) gives rise to continuous exploration of functional fluorescence glasses. In this paper, Tm3+/Dy3+ single‐ and co‐doped glasses with composition (in mol%) of 30P2O5–10B2O3–23SrO–37K2O were synthesized using the melt‐quenching method in air. The physical properties, glass structure, luminescence characteristics and energy transfer mechanism of the glasses were systematically studied. As glass network modifiers, Tm3+ and Dy3+ ions can densify the glass structure. Excitation wavelength and doping concentration of Tm3+/Dy3+ ions have a direct impact on the emission intensities of blue and orange light as well as the color coordinate of the as‐prepared glasses. A white light very close to standard white light can be obtained under 354 nm excitation when the content of Tm3+ and Dy3+ is 0.2 mol% and 1.0 mol%, respectively. The results of the emission spectra and decay curves reveal the existence of energy transfer from Tm3+ to Dy3+. The analytic results based on the Inokuti‐Hirayama model indicate that the electrical dipole‐dipole interaction may be the main mechanism of energy transfer. Moreover, Tm3+/Dy3+ co‐activated glass phosphor has good thermal stability and chrominance stability and it is a promising candidate for white LEDs and display device.