We present optical and microstructural characterization of nanocrystalline silicon superlattices (nc-Si SLs). Our samples have better than 5 % Si nanocrystal size distribution and a long range order along the direction of growth provided by periodically alternating layers of Si nanocrystals and SiO2. Flat and chemically abrupt nc-Si/SiO2 interfaces with a roughness of < 4Å are confirmed by transmission electron microscopy (TEM), Auger elemental microanalysis, X-ray small angle reflection, and low-frequency Raman scattering. Photoluminescence (PL) in our structures has been studied in details including time-resolved and steady-state PL spectroscopy in a wide range of temperature, excitation wavelength and power. Resonantly excited PL spectra show phonon steps proving that the PL originates in Si nanocrystals. Electrical measurements show signature of phonon-assisted tunneling proving low defect density nc-Si/SiO2 interface.