Abstract Mid‐infrared lasers have important applications in infrared countermeasures, sensing, environmental monitoring, biomedicine, and many military and civilian fields. In this work, an intense emission at 2.9 μm from Yb 3+ /Ho 3+ co‐doped TeO 2 ‐Ga 2 O 3 ‐ZnO (TGZ) glass was reported. The 2 μm, 1.2 μm and visible emissions were also performed to understand the competitive luminescent mechanism. With the increase in Yb 3+ concentration, all the emissions of Ho 3+ increased, whereas the emission of Yb 3+ decreased due to the phonon‐assisted energy transfer from Yb 3+ to Ho 3+ . The lifetimes of optimized 3 mol% Yb 2 O 3 and 1 mol% Ho 2 O 3 co‐doped TGZ glass, which has the maximum emission intensity, are 548 μs and 1.7 ms at 2.9 and 2 μm, respectively. The Judd–Ofelt intensity parameters, absorption, and emission cross sections were calculated to evaluate the mid‐infrared fluorescence properties of this new glass matrix material. The gain coefficients show that the 2 and 2.9 μm laser gain can be realized by small pump energy, indicating that this glass is a promising medium for the mid‐infrared optical fiber laser.