The visible luminescence of porous Si is known to contain at least two spectrally distinct emission bands with widely different response times. The orange-red luminescence component (1.5–1.9 eV) decays in times being of the order of 10 μs at room temperature. The blue-green band (2.3–2.6 eV) is very much faster with response time in the 10-ns range. It is shown that with increasing degree of oxidation the fraction of the fast luminescence intensity rises from ∼1% of the total in the as-prepared porous Si to become the dominant spectral component in strongly oxidized material. For the rapid-thermal-oxidized material excited with 337-nm radiation, the intensity of the fast luminescence is comparable to that in the as-prepared state.