Bioluminescence is a common ecological trait among many marine organisms, including three shark families: Etmopteridae, Dalatiidae, and Somniosidae. The kitefin shark, Dalatias licha (Bonnaterre, 1788), from the Dalatiidae family is the largest known luminous vertebrate. This study compares the light organ ultrastructure of D. licha with that of Etmopterus spinax, the type species of Etmopteridae, to gain a deeper understanding of the light emission process and its evolutionary conservation within shark families. The ultrastructure of D. licha’s photophores and the morphological changes that occur after hormonal stimulation (via melatonin and α-MSH, which stimulate or inhibit the bioluminescence, respectively) were examined. The photophores consist of a spherical pigmented sheath surrounding a unique, regionalized light-emitting cell (photocyte). The photocyte’s basal area contains a specific area filled with granular inclusions that resemble the glowon-type microsources of E. spinax, suggesting that this area is the intracellular site of light emission. An acidophilic secretion, not present in Etmopteridae, is also observed within the granular area and may be involved in photogenesis. The ultrastructure analysis reveals no lens cells or reticular layer, unlike in Etmopteridae photophores, indicating a simpler organization in Dalatiidae photophores. Melatonin stimulation causes the removal of pigments from the photophore-associated melanophores and an increase in the granular inclusion diameter and coverage in the granular area, further showing that this last area is the potential site of light emission, while α-MSH stimulation causes the extension of the melanophore pigments and a decrease in the granular inclusion diameter and coverage. These results support the evolutive conservation of photophore functional organization across luminous etmopterid and dalatiid sharks.