This paper proposes a technique for simultaneously monitoring the thickness of a SiO2 thin film and the temperature of a Si substrate. This technique uses low-coherence interferometry and has the potential to be used for online monitoring of semiconductor manufacturing processes. In low-coherence interferometry, when the optical path length of a layer is shorter than the coherence length of the light source, the two interference at the top and bottom interfaces of the layer overlap each other. In this case the detected peak position of the interference is shifted from the actual interface, resulting in an error in the temperature measurement, since the temperature is derived from the optical path length of the layer. To improve the accuracy of the temperature measurement, the effect of the overlapping interference was compensated by measuring the SiO2 thickness. The thickness of the Si substrate was 750 μm and the thickness of the SiO2 film was varied between 0 and 2 μm. The SiO2 thickness, which is shorter than the coherence length of the light source, was measured from the ratio of interference intensities of two superluminescent diodes (wavelengths: 1.55 and 1.31 μm). The measured ratio corresponded well with the theoretical one for SiO2 film thicknesses between 0 and 2 μm, and the error was less than 25 nm. The Si temperature was measured from the optical path length. In order to compensate for the overlapping interference, the shift in the peak position of the interference at the SiO2/Si interface was estimated from the measurement results of the SiO2 thickness. This improved the accuracy of the temperature measurement from 5.3 to 3.5 °C.