A light-emitting cooling fan includes a base, a bracket arranged above the base, an impeller located in between the base and the bracket, a light source disposed on the bracket, a reflector disposed on a hub of the impeller and a light guiding member. The light source points downward to the hub of the impeller. The reflector is disposed underneath the light source, and configured for reflecting light from the light source in a radial direction of the hub. The light guiding member is disposed underneath the light source, and configured for receiving the light from the reflector and leading the light to travel along the radial direction of the hub to outside of the hub and then hit one of fan blades of the impeller. In this way, rotation of the impeller transfers the light into a halo visual illusion for human eyes.