We study Hα, far-and near-ultraviolet luminosity functions (LF) of the sample of 795 luminous compact star-forming galaxies with z < 0.65. The parameters of optimal functions for LFs are obtained using the maximum likelihood method and the accuracy of fitting is estimated with the χ 2 method. We find that these LFs cannot be reproduced by the Schechter function because of an excess of very luminous galaxies. On the other hand, the Saunders function, the log-normal distribution and some new related functions are good approximations of LFs. The fact that LFs are not reproduced by the Schechter function can be explained by the propagating star formation. This may result in an excess of luminous starbursts with the mass of a young stellar population above 2 × 10 8 M ⊙ as compared to the LF of the quiescent galaxies. The most luminous compact galaxies are characterised by Hα luminosities of ≥ 5 × 10 42 erg s −1 and star formation rates of ≥ 40 M ⊙ yr −1 .