Yb3+/Ho3+, Yb3+/Tm3+ and Yb3+/Ho3+/Tm3+ co-doped tellurite glasses were prepared by melt-quenching method. Under the excitation of 980 nm laser, Yb3+/Ho3+/Tm3+ co-doped glass sample shows strong blue, green and red emissions, corresponding to the transitions 1G4 →3H6 of Tm3+, 5F4(5S2)→5I8 of Ho3+, as well as 5F5→5I8 of Ho3+ and 1G4 →3F4 of Tm3+ ions, respectively. It was found that the integrated emission intensity ratio of the red to green in Yb3+/Ho3+/Tm3+ co-doped sample (3.95) is greater than that in Yb3+/Ho3+ co-doped sample (1.69) due to the cross-relaxation between Ho3+ and Tm3+ ions : 3H4(Tm3+)+5I6(Ho3+)→3F4(Tm3+)+5F5(Ho3+), and 3F4(Tm3+)+5I8(Ho3+)→3H6(Tm3+)+5I7(Ho3+). When the pump power density is 8.2 W·cm-2, the calculated color coordinates of Yb3+/Ho3+/Tm3+ co-doped sample are x=0.345, y=0.338, which is very close to the equal energy white light(x=0.333, y=0.333).