Glasses with composition 15Li(2)O-15K(2)O-xBi(2)O(3)-(65 -x)-B2O3/5V(2)O(5) (3 <= x <= 15) have been prepared by the conventional melt quench technique. The electron paramagnetic resonance spectra of VO2+ in these glasses have been recorded in the X-band frequency (approximate to 9.3 GHz) at room temperature. The spin Hamiltonian parameters and covalency rates were evaluated. It was found that the V4+ ions exist as vanadyl (VO2+) ions and are in an octahedral coordination with a tetragonal compression. The covalency rates (1 -alpha(2)) and (1 - gamma(2)) indicate moderate covalency for the sigma-and pi-bonds. It was observed that the spin-Hamiltonian parameters depend slightly on the relative concentration of Bi2O3. The optical properties of this glass system are studied from the optical absorption spectra recorded in the wavelength range 200-800 nm. The fundamental absorption edge has been identified from the optical absorption spectra. The values of optical band gap for indirect allowed transitions have been determined using available theories. The direct current electrical conductivity, sigma, has been measured in the temperature range 373-573 K. The conductivity decreases with the increase in Bi2O3 concentration. This has been discussed in terms of the decrease in the number of mobile ions and their mobility. An attempt is made to correlate the EPR, optical, and electrical results and to find the effect of Bi2O3 content on these parameters.