Stationary and pulsed luminescence spectroscopy has been used to study the effect of dissolved oxygen (up to 1 mol/) on quantum yields and decay kinetics of fluorescence and phosphorescence of a number of organic compounds in alcohol glasses at 77 K. A comparison of stationary and kinetic data on the fluorescence quenching has shown oxygen to form complexes with organic molecules in the ground state. Stability constants for the complexes of pyrene, phenanthrene, and carbazole with oxygen (1.0–2.6 /mol) have been estimated. Analysis of the kinetic curves of luminescence decay in the presence of oxygen has been made with the assumption of a long-range exchange quenching mechanism. Characteristic decay parameters of the exchange interaction (L) between excited molecules of the studied phosphorescence quenching, 0.9–1.0 Å for pyrene and phenanthrene fluorescence quenching, 1.9±0.3 Å for carbazole fluorescencequenching. Quantitative information has been interpreted theoretically.