This study investigates the photoluminescence quantum yield for co‐sputtered solid‐state dispersions of Si nanocrystals in SiO 2 with different size and density, and concludes that the absolute value of the photoluminescence quantum yield shows a varied dependence on the excitation energy. Physical mechanisms influencing the photoluminescence quantum yield at different excitation energy ranges are considered. Based on the experimental evidence, this study proposes a generalized description of the excitation dependence of photoluminescence quantum yield of Si nanocrystals in SiO 2 , and concludes on the important role of impact excitation by hot carriers and parasitic absorption at high and low excitation energy ranges, respectively.