This work presents a systematic investigation of carrier injection and transport mechanisms in light emitting porous silicon (LEPSI). In addition to optical characterization of the LEPSI film, the electrical characteristics of LEPSI light emitting diodes (LEDs) and the device parameter effects on electroluminescence (EL) efficiency are explored including junction structure, LEPSI layer thickness, and chemical treatment. Au/LEPSI device structures exhibit a power-law current-voltage relationship (I∼Vm) and LEPSI pn junction device structures exhibit an exponential current-voltage relationship (I∼eeV/nkT). The carrier transport mechanisms are discussed, and theoretical simulations match well with the experimental data. An increase in EL efficiency has been achieved by adjusting the LEPSI layer thickness, implementing chemical treatment, and improving the quality of the contacts. The EL response to the frequency modulation of LEPSI LEDs was studied, resulting in a cutoff frequency in excess of 100 kHz. LEPSI LEDs have demonstrated stable EL at applied voltages as low as 5 volts with EL efficiencies of 0.01%.