The chemical steps and the products of the bioluminescent and chemiluminescent oxidations of firefly luciferin are elucidated. The colors of firefly bioluminescence can be explained in terms of different ionic excited states and spectral shifts due to changes in molecular environment. Firefly luciferase undergoes conformational changes during catalysis. There are two sites for light production per 100,000 mW. A regulatory mechanism involving dehydro‐luciferin is proposed for control of firefly flashing.