Glasses having compositions xMoO3–0.6B2O3–(0.4x)K2O (0.010≤x≤0.295)(G1–G4: x :: 0.01, 0.105, 0.200, 0.295) are prepared by sol–gel method. Powder X-ray diffraction (XRD) patterns ensure clean glassy phase in the samples. Glass transition temperature, Tg, is found to be ~609–625K in the glasses. IR spectroscopic results show the presence of trigonal [BO3/2], tetrahedral [BO4/2]−, octahedral [OMoO5//2]2−, and trigonal [BOn+(3−n)/2]n−(n=1, 2, 3) units with free oxygens in the glasses. The glasses exhibit hysteresis loops at 300K with fairly low values of loop areas and coercivities which indicate soft ferromagnetic nature of the glasses. Calculated values of the Mo5+(4d1) small polaron exchange integrals from the obtained Weiss constant at 300K are found to be ~0.052eV in the glasses. Observed electron paramagnetic resonance (EPR) lineshapes at 7, 105 and 300K are isotropic in nature in general. The observed giso-values ~1.90±0.001–1.93±0.001 indicate that the paramagnetic molybdenyl, MoO3+(4d1), ions are in octahedral coordination with tetragonal distortion. Optical absorption broad band ~238–311nm is due to charge transfer phenomenon and the broad and weak band ~750nm in the glass G4 is due to the 2B2g (∣dxy>→2B1g (∣dx2−y2>) transitions in Mo5+(4d1) ions in distorted octahedral coordination.