The Fenton reaction is of considerable interest due to the fact that it can be applied in chemical, biochemical and biomedical research. The Fenton reaction makes it possible to estimate the content of hydroperoxides. Hydroperoxides in a large number of cases are the trace that remains after the occurrence of redox reactions. To perform such studies, it is necessary to know the characteristics of the reaction at different ratios between the concentrations of hydroperoxides and ferrous iron. The reaction yield is determined by registering chemiluminescence. The number of oxidation events of ferrous iron N(Fe2+ ® Fe3+) in the Fenton reaction is calculated in this work for the cases [Fe2+] > [H2 O2 ] and [Fe2+] < [H2 O2 ] at concentrations of Fe2+ and H2 O2 ranging from 10-3 to 10-7 mol/L. It is shown that the peroxide concentration can be unambiguously determined only for the case [Fe2+] > [H2 O2 ]. In the case of [Fe2+] < [H2 O2 ], due to a strong decrease in the reaction rate, it is not always possible to register the total chemiluminescence yield. The kinetics of the formation of luminous products in the Fenton reaction after the introduction of luminol has been calculated. Conditions are considered when chemiluminescence with luminol is proportional to the concentration of hydroperoxides. The considered features of the Fenton reaction must be taken into account when performing specific research work.