The progress of the chemical and electrochemical oxidation of porous silicon (PSi), formed from lightly-doped p-type silicon, in aqueous electrolytes, was monitored by recording in situ the photocurrent from a monochromatic illumination, which can be used as a signature of the optical transmission through PSi. Models are proposed to explain the data and derive valuable quantities. For galvanostatic anodic oxidation, the model gave the valence of reaction, ~1.5, which is consistent with non-stoichiometric oxide growth. The electroluminescence and photoluminescence during anodic oxidation were mostly consistent with other reports. For chemical oxidation, our model gives the oxidation rate, which was found to decrease as the oxidation progresses, and the optimum PSi porosity for efficient luminescence, about 83%. The simultaneous probing of the photoluminescence, photocurrent (and therefore electrical state) and optical absorption (also related to effective porosity) allows for a good control of a range of PSi properties during chemical oxidation experiments.