An aqueous-based self-illuminating bubble-forming composition is provided. The composition comprises an oxalate component comprising an oxalate ester and a solvent; an activator component comprising a peroxide, a catalyst, and water; a surfactant; and a fluorescer in admixture with an aqueous bubble-forming solution. One or more of the same or different surfactants may be present in the activator component; the oxalate component; the activator component and the oxalate component; the aqueous bubble-forming solution; the activator component and the aqueous bubble-forming solution; the oxalate component and the aqueous bubble-forming solution; or in the oxalate component, the activator component and the aqueous bubble-forming solution.