Persistent spectral holes ͑p-SHs͒ are induced in the Z 1,2 excitonic absorption band of CuBr nanocrystals ͑NCs͒ in glass by selective excitation with nanosecond dye-laser pulses at low temperatures. The effect can be observed only in samples containing NCs with mean radius smaller than about 5 nm. The kinetics of p-SHs growth and the long-time relaxation ͑spontaneous hole-filling͒ after burning are studied. The burning process may be described as the first order dispersive reaction, which proceeds through a phonon-assisted tunneling between different excited states of the NC/matrix system. The same model apply in the backward reaction ͑hole-filling͒ but the tunneling takes place between different ground states of the NC/matrix system and the reaction rate is much lower. The photoproduct of persistent spectral hole-burning reaction is a charged NC which energy states are modified by the Stark effect. The quantum efficiency of burning reaction is quite high 4ϫ10 Ϫ3 ͑mean rate constant is 4ϫ10 7 s Ϫ1) while the rate of spontaneous HF reaction is very low ͑0.5 s Ϫ1).