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The purpose of this research was to investigate the shielding characteristics of high-amount heavy metal oxide and Eu³⁺-activated borate glasses based on 10La₂O₃–50HMO–(40–x) B₂O₃–xEu₂O₃ (x = 0, 0.5, 1, 2, and HMO = PbO, Bi₂O₃). Critical gamma radiation attenuation characteristics, particularly mass attenuation coefficients of investigated heavy metal oxide glass samples, were determined using Monte Carlo simulations and the Phy-x/PSD software. Following that, we looked at the half-value layer, mean free path, effective atomic number, and build-up factors across a broad energy range (0.015–15 MeV). According to the study’s results, the addition of Eu₂O₃ enhanced the mass attenuation coefficient and effective atomic number, while reducing the half-value layer, mean free path, and accumulation factors. In terms of gamma radiation attenuation, the LBi50BEu glass system surpassed the LPb50BEu glass system in terms of overall shielding properties against nuclear radiation. Additionally, the heavy metal oxide glass’ efficacy as a neutron shield was determined using fast neutron removal cross-sections (<i>Σ_R</i>). LBi50BEu2 glass was shown to be more effective in preventing the penetration of charged particle radiation.