Er-doped Si-rich SiO2 gate oxide layers containing silicon nanocrystals are prepared by implantation of Si+ and Er+ into SiO2 thin films. The photoluminescence from both Si nanocrystals around 700-850 nm and Er3+ ions at 1.54 microm is strongly quenched by applying electric field in the Si-rich oxide layer. The quenching time and the recovery time of the photoluminescence from Si nanocrystals are less than 50 ns under pulsed field modulation. The quenching rate of the luminescence increases with increasing the density and reducing the size of the silicon nanocrystals. Our results indicate that the fast quenching process originates from the quantum confined Stark effect and enhanced exciton ionization by carrier tunneling between the silicon nanocrystals under the high electric field.