Yellow phosphor dispersed color conversion glasses are promising phosphor materials for white LED applications because of their good thermal durability, chemical stability, and anti-ultraviolet property. Six color conversion glasses were prepared with high Tg and low Tg specimens of glass. Luminous efficacy, luminance, CIE (Commission Internationale de l'Eclairage) chromaticity, CCT (Correlated Color Temperature), and CRI (Color Rendering Index) of the color conversion glasses were analyzed according to the PL spectrum. Color conversion glasses with high Tg glass frit, sintered at higher temperature, showed better luminous properties than did color conversion glasses with low Tg glass frit. The characteristics of the color conversion glass depended on the glass composition rather than on the sintering temperature. The XRD peaks of the YAG phosphor disappeared in the color conversion glass with major components of B2O3-ZnO-SiO2-CaO and, in the XRD results, new crystalline peaks of BaSi2O5 appeared in the color conversion glass with major components of Bi2O3-ZnO-B2O3-MgO. The characteristics of CIE chromaticity, CCT, and the CRI of low Tg color conversion glasses showed worse color properties than those of high Tg color conversion glasses. However, these color characteristics of low Tg glasses were improved by thickness variation. So color conversion glasses with good characteristics of both luminous and color properties were attained.