We have studied photoluminescence (PL) of surface oxidized nanocrystalline silicon quantum dots (QDs) for various oxidation periods and temperatures. With increasing oxidation period, the surface oxide grows and the Si QD core shrinks initially, then retardation of the oxidation process occurs which is ascribed to compressive stress at the interface between Si QD core and oxide. Upon oxidation, the PL spectrum peak shifts toward the shorter wavelength side followed by retardation of the blueshift or even manifestation of the redshift. The origin of PL is due to the localized excitons at the interface between Si QD core and oxide or amorphous SiOx (a-SiOx) formed at the interface. The blueshift is associated with the increased quantum con.nement or increased bandgap of a-SiOx. The redshift is due to the stress e.ect of the bandgap of Si QD core or a-SiOx. We have successfully confirmed the effect of compressive stress associated with the self-limiting oxidation by PL measurement.