The oscillating chemiluminescence of the L‐012–H2O2–KSCN–CuSO4–NaOH system was investigated both experimentally and numerically. The oscillation behavior could be classified into two patterns: (i) intense sharp spike‐like emission of a very short duration and (ii) slowly varying emission with a slow rise and a faster fall between the adjacent spike‐like emissions. The concentrations of OH·, HO2·, ·OS(O)CN, and SO3·− were simulated using the Runge–Kutta method. Comparing the time‐dependent emission intensities with calculated radical concentrations, we concluded that the pulsed sharp emission and slowly varying chemiluminescence were caused due to the reaction of L‐012 with ·OS(O)CN and HO2·, respectively. The OH· radicals did not participate in the chemiluminescence.