The invention discloses a luminous fiber Raschel blanket production process. The luminous fiber Raschel blanket production process comprises the steps of (1) yarn selection, (2) knitting, (3) bleaching, (4) dyeing or printing, and (5) after-finishing. The luminous fiber Raschel blanket produced by use of the production process is soft in hand feeling, good in comfort, high in product quality, luminous at night, high in technological content and added values, advantageous for product structure optimization and product grade improvement, and extremely wide in market prospect; the process conditions of the bleaching are optimized and improved, so that the whiteness of the semi-finished product of the single-layer luminous fiber Raschel blanket can be at the optimal level under the premise of the lowest damage on the luminous fiber deformed yarns, and consequently, the single-layer luminous fiber Raschel blanket is not easy to yellow and good in stability, and has excellent wettability and hand feeling.