A high refraction low dispersion optical glass having a refractive index of 1.86-1.92 and an Abbe number of 36-42. The components of the optical glass comprise, by weight percentage: B2O3: 1-30%; SiO2: 0-20%; La2O3: 25-55%; Gd2O3: 5-40%; Y2O3: 0-25%; Yb2O3: 0-10%; Ta2O5: 0-10%; Nb2O5: 1-30%; TiO2: 0-10%; ZrO2: 0.5-20%; WO3: 0-10%; ZnO: 0-15%; Al2O3: 0-10%; GeO2: 0-10%; Bi2O3: 0-10%. The optical glass does not contain PbO or F. A high refraction low dispersion optical glass having excellent light transmittance may be obtained by introducing suitable amounts of rare earth oxides having a high refraction low dispersion effect and optimizing the proportions of said components.