The thermal stability, Raman spectrum and upconversion properties of Tm^(3+)/Yb^(3+) co-doped new oxyfluoride tellurite glass are investigated. The results show that Tm^(3+)/Yb^(3+) co-doped oxyfluoride tellurite glass possesses good thermal stability, lower phonon energy, and intense upconversion blue luminescence. Under 980-nm laser diode (LD) excitation, the intense blue (475 nm) emission and weak red (649 nm) emission corresponding to the 1G4 -> 3H6 and 1G4 -> 3F4 transitions of Tm^(3+) ions respectively, were simultaneously observed at room temperature. The possible upconversion mechanisms are evaluated. The intense blue upconversion luminescence of Tm^(3+)/Yb^(3+) co-doped oxyfluoride tellurite glass can be used as potential host material for the development of blue upconversion optical devices.