Flexible layered reflecting and luminous material is provided which combines the advantages of a light reflective component and a luminescent component. The material includes a first layer of prismatic light reflective plastic material having an underlying surface formed with a plurality of minute prism-like formations projecting therefrom at regular spaced intervals and an overlying substantially smooth light transmissive surface. The material also includes a second layer of plastic luminescent material attached to the underlying surface of the prism-like formations. The layers are joined at a first region as by heat sealing, ultrasonic welding, sewing, or stapling into a unitary structure such that the prism-like formations are substantially destroyed. A second region is thereby defined at which the first layer and the second layer are physically distinct. In the second region, the layered material simultaneously radiates luminescent light from the second layer through the underlying surface of prism-like formations and through the smooth light transmissive surface and reflected light from the prism-like formations through the smooth light transmissive surface of the first layer. Only phosphorescent light radiates from the first region. In another embodiment, the second layer is replaced with a layer of luminescent material which can be selectively energized to become luminous.