Phosphate glasses doped with Dy3+ ions and containing silver nanoparticles (SNPs) were synthesized in the present work. We report photoluminescence characterization by absorption and emission spectra. The effect of Ag concentration on the thermoluminescence (TL) glow curves was studied. The scanning electron microscopy (SEM) shows the formation of SNP. Absorption spectra of the samples show the influence of the SNP in the bands 350 nm at 425 nm associated with the Dy3+, in the same spectra we can see the bands 750, 800, 875, 1098, 1278 nm and 1675 nm belonging to the Dy3+. Emission spectra show two prominent bands at 480 nm and 574 nm and one faint band at 665 nm corresponding to 4 F 9/2 → 6 H 15/2, 4 F 9/2 → 6 H13/2 and 4 F 9/2 → 6 H 11/2 transitions, respectively. All bands under 364 nm pumping, and the fluorescence in the 550 nm and 590 nm spectral range enhanced four times. The Commission Internationale de 1'Eclairage (CIE) color coordinates were evaluated from the emission spectra to simulate white light emission from the phosphate glasses. The photostability of the samples was also studied in the UVA (315–403 nm) and UVB (280–315 nm) ranges. TL due to ultraviolet radiation (UVR) was studied; the glow curves show significant dependence of the TL intensity with the increment of SNPs in the samples. These results show the phosphate glasses doped with Dy3+ and containing SNP as a potential candidate have to be used in solid-state illumination and retrospective dosimetry.