TeO-PbO (TPO) glasses codoped with Nd and Yb ions have been fabricated by conventional melting technique. The absorption, emission and excitation spectra of the samples have been recorded. The optical band gap in both the doped/codoped glasses is found to be ∼3.31 eV. Judd-Ofelt analysis has been carried out by using the absorption spectrum of 0.8 mol% Nd doped glass to determine the radiative properties viz radiative transition probabilities, branching ratios, radiative lifetimes, quality factor and emission cross sections of some emitting levels for Nd ions. The radiative transition probability for the G → I transition (∼1926 Hz) is found to be maximum compared to other G → I (∼1622 Hz) and F → I (∼865 Hz) transitions. Upconversion (UC) luminescence of the samples has been examined by the 980 nm CW diode laser excitation. Effect of addition of Yb ions in the Nd doped glasses on UC emission intensity has been discussed. The UC emission intensity corresponding to the green, red and NIR bands in the codoped glass has been enhanced by ∼17, ∼12 and ∼42 times as compared to that of the Nd singly doped glass. The quantum efficiency for the G level is found to be ∼32%. The nephelauxetic ratio, bonding parameter and covalency of Nd ions have been found positive which represents the covalent bonding between Nd ion and oxygen atom. The colour tunability from yellowish-green to dominant green region has been obtained in the optimized codoped TPO glass.