Herein, Sr₅MgLa_2-x-y(BO₃)₆∶xBi ³⁺, yM (M = Eu ³⁺, Y ³⁺) (0≤x, y ≤ 1) phosphors are synthesized using the high-temperature solid phase method. Further, scanning electron microscopy and X-ray powder diffractometer are utilized to characterize the morphology and structure of the samples, and an ultraviolet-visible spectrophotometer and a fluorescence spectroscope are utilized for characterizing the luminescent properties of the samples. The results denote that the samples are pure phase in terms of the doping concentration. Sr₅MgLa_2-x(BO₃)₆∶xBi ³⁺exhibits a single peak blue emission with a crest value of 431 nm under an excitation of 339 nm. This emission can be attributed to the transition of Bi ³⁺from ³P₁ to ¹S₀, and the quenching concentration is x=0.24. The Sr₅MgLa_1.76-y(BO₃)₆∶0.24Bi ³⁺, yY ³⁺ emission peak intensity intensifies with an increase in the Y ³⁺ concentration, and the excitation peaks denote a red shift. With the excitation of an ultraviolet light, the Sr₅MgLa_2-x-y(BO₃)₆∶xBi ³⁺, yEu ³⁺phosphor causes blue emission, which originates from Bi ³⁺, and red emission, which originates from Eu ³⁺. Further, there is an energy transfer process from Bi ³⁺ to Eu ³⁺, and the energy transfer efficiency can be calculated based on the fluorescence decay curve. Finally, an adjustable blue to red emission can be obtained by changing the doping amount of Bi ³⁺ and Eu ³⁺ in the Sr₅MgL a2-x-y(BO₃)₆∶xBi ³⁺, yEu ³⁺ phosphors or by changing the excitation wavelength.