We have studied the photoluminescence (PL) in oxidized porous silicon (PSi), prepared from anodized crystalline Si followed by annealing at temperatures ranging from 700 to 1000°C. It has been found that two PL bands with spectral peaks at 1.6 e V (near-IR band) and near 2 eV (red band) exist with a strong dependence on preparation (annealing) conditions. Recent experimental results show a correlation between the intensity of the near-IR band and the level of leakage current in the diode-like structure. The suppression of the near-IR emission results in improved carrier transport, and the enhancement of the red band emission maximizes the electroluminescence (EL) efficiency. The PL study of thermally oxidized PSi indicates different recombination mechanisms. The red PL band is associated with a mechanism similar to band-tail-recombination within the quasi-bandgap of Si nanograins, whereas the near infra-red PL is associated with recombination via defect centers. These mechanisms will be discussed.