Spectroscopic and physical properties of Ho3+ doped multi-component glass systems in varying molar compositions of xBi(2)O(3)-(50-x) PbO-25MgHPO(4)-24B(2)O(3)-1Ho(2)O(3) (where x=10, 20, 30, and 40) have been investigated. Optical absorption spectra have been used to determine Racah coefficients (E-1, E-2 and E-3), Slater Condon parameters (F-2, F-4 and F-6), spin orbit coupling parameters (xi(4f)), and configuration interaction parameters (alpha and beta). The ratios of E-1/E-3 and E-2/E-3 do not deviate much from the hydrogenic ratios. Optical basicity of the glasses is estimated. The Judd-Ofelt parameters (Omega(2), Omega(4) and Omega(6)) were computed from the intensities of the energy levels. The radiative lifetimes (tau(R)), branching ratios (beta) and absorption cross sections (sigma(a)) were evaluated for the lasing levels I-5(8) -> (5)G(6), F-5(2), F-5(3), F-5(4), F-5(5), I-5(6), and I-5(7). The emission cross sections (sigma(e)) for the significant lasing transitions F-5(4) -> I-5(8), F-5(5) -> I-5(8) and S-5(2) -> I-5(7) evaluated from the photoluminescence spectra are reported. The lasing potencies estimated for all the glasses under study indicate lasing action in the cw as well as in pulsed regime. (C) 2013 Elsevier B.V. All rights reserved.