Mixed-alkali-alumina-borate glasses doped with different Cr2O3 content are prepared by conventional melt-quenching technique. Luminescent glass-ceramics is derived by volume crystallization of the precursor glass via two-stage heat treatment. The structural, spectral, and luminescent properties of the glass-ceramics are determined by X-ray diffraction, optical absorption, and photoluminescent spectroscopy. The XRD studies reveal the LiAl7B4O17: Cr3+ nanocrystals nucleation during the heat treatment. The photoluminescence spectra consist of three intense bands in the 685 – 715 nm region. The features and background of the complex concentration dependence of the luminescence lifetime are discussed. The maximum quantum yield value under 532 nm excitation is 41%.