An aqueous-based chemiluminescent system is provided. The system 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. A self-illuminating bubble-forming composition is also provided, comprising the oxalate component, the activator component, the surfactant, and the fluorescer in admixture with an aqueous bubble-forming solution.