Approximate glass-forming region of a P2O5-ZnO-Na2O (PZN) ternary system was investigated and determined. The properties of the glasses with ZnO contents between 35 and 50 mol-% were further investigated. When ZnO of 40P2O5-40ZnO-2Na2O glasses is replaced by 1-5 mol-% respectively, the density, Tg and Tf increase first and then decrease, and they showed the maximum value of about 4 mol% Fe2O3 replacement, while CTE and weight loss vary in opposite ways and showed the minimum value at about 4 mol-% Fe2O3 replacement. Structural studies were carried out by X-ray diffraction, infrared spectroscopy and Raman spectroscopy. With the increase in Fe2O3, the reduction of P=O bond is the main reason for the increase in water resistance of PZNF glass.