Spectroscopic properties of Tb3+ and Sm3+ ions co-doped in alkali aluminoborate glasses (70-x-y)B2O3.28Li2O.2Al2O3.xSm2O3.yTb2O3 (ABL:Tb,Sm) fabricated by melting method have been studied. The emission intensity of Tb3+ or Sm3+ in ABL:Tb or ABL:Sm glasses is influenced by the Tb3+ or Sm3+ doping content, and the optimum concentrations of Tb3+ and Sm3+ are 0.75 mol% and 1.0 mol%, respectively. The concentration quenching effect of Tb3+ or Sm3+ in ABL:Tb,Sm glasses occurs, and the concentration quenching mechanism is f-f interaction for either Tb3+/Sm3+. The ABL:Tb,Sm glasses can produce color emission from green to red by properly tuning the relative ratio between Tb3+ and Sm3+, the emission intensity of Tb3+/Sm3+ in ABL:Tb,Sm glasses can be enhanced by the energy transfer from Tb3+/Tb3+ and Sm3+/Sm3+. The results indicate that ABL:Tb,Sm may be a promising double emission for white light emitting diodes.