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A series of four glass specimens with the molar percentage formula 20PbO–50B2O3–30CaO–xEr2O3–yNd2O3: (x, y) = (0,0), (0,1), (1,0), and (1,1) mol% were synthesized by the conventional melt quenching process, namely PBC-Nd0Er0, PBC-Nd0Er1, PBC-Nd1Er0, and PBC-Nd1Er1. Structure, physical, optical properties, and gamma-radiation protection efficiency of the synthesized glasses have been investigated. XRD measurements confirmed that the synthesized glasses were in non-crystalline nature. The glasses density was increased from 4.13 to 4.30 g/cm3. The direct optical band gap (OBG) decreases from 3.57 to 3.18 eV, while the indirect (OBG) decreases from 2.90 to 2.75 eV. Refractive index (n) follows the order PBC-Nd1Er1 > PBC-Nd0Er0 > PBC-Nd1Er0 > PBC-Nd0Er1. The PBC-Nd1Er1 glass sample has the highest (Ed = 25 eV), the lowest (Eo = 2 eV), and the highest value of (no) equal to 3.67 compared with other glasses. Both of optical and electrical conductivities (σoptical and σelectrical) follow the order: PBC-Nd1Er1 > PBC-Nd0Er1 > PBC-Nd1Er0 > PBC-Nd0Er0. The maximum ability for the investigated glasses to block the radiations passing through them occurred at 0.223 meV, and the LAC lies in the range of 1.650 cm−1 for PBC-Nd0Er0 and 1.719 cm−1 for PBC-Nd1Er1. By contrast, the minimum ability took place at 1.458 meV, and at this energy, the LAC lies in the range of 0.216 and 0.224 cm−1. The HVL values show that there is a trend to attenuating potentiality reducing as the energy raises from 0.223 to 1.458 meV. It is shown that the PBC-Nd1Er1 glass sample possesses the superior optical properties and shielding capacity among each of other investigated glasses.