Dy3+ doped lead fluoroborate (LFB) glasses (B2O3 + PbO + PbF2) have been prepared following conventional melt quenching technique by varying the concentration of Dy2O3 in the order 0.01, 0.1, 1, 2, and 3 mol%. X-ray powder diffraction (XRD), Fourier transform infrared (FTIR), optical absorption, fluorescence emission, and decay curves have been recorded and analyzed. From the optical measurements and based on the Judd–Ofelt (JO) theory, the JO intensity parameters were evaluated and in turn used to evaluate the radiative transition probabilities (A), stimulated emission cross-section (), radiative lifetimes (τrad), and branching ratios (βR) for the various 4F9/2 → 6HJ (J = 11/2, 13/2, 15/2) transitions of Dy3+ ions in the LFB glasses and these values were compared with the other reported Dy3+:glasses. The decay curves of the 4F9/2 level were measured and found to be deviate from the exponential nature with the increase in Dy3+ ion concentration. The luminescence quantum efficiency of the 4F9/2 level was also determined and discussed. Differential scanning calorimetry (DSC) curves were used to evaluate the glass stability factor (S) and Hruby's parameter (HR) through the glass transition (Tg), crystallization (Tc), and melting (Tm) temperatures and these results were discussed and reported.