The peroxyoxalate reaction is being widely used for various analytical and bioanalytical applications, and however, few mechanistic studies are performed in aqueous media, important mainly for bioanalytical applications, where low chemiluminescence emission quantum yields are obtained. In this sense, we report here kinetic studies on the peroxyoxalate reaction, using two commercially available and widely utilized esters, bis(2,4‐dinitrophenyl) oxalate (DNPO) and bis(2,4,6‐trichlorophenyl) oxalate (TCPO), in 1,2‐dimethoxyethane:water mixtures. The reaction of the much more reactive DNPO, in anhydrous and aqueous media, occurs by a direct nucleophilic attack of H2O2 to the oxalic ester, not involving nucleophilic catalysis by imidazole. Contrary, in the reaction of the less reactive TCPO with H2O2, imidazole acts mainly as nucleophilic catalyst. For both esters, experimental conditions are established where precise kinetic data and emission quantum yields can be obtained. Interestingly, the quantum yields in 1,2‐dimethoxyethane water mixtures increase up to a water concentration of 0.7 mol L–1 and decrease significantly with higher concentrations.