Thermally treated silicon rich oxides (SRO) used as starting material for the fabrication of silicon nanodots represent the basis of tunable bandgap nanostructured materials for optoelectronic and photonic applications. The optical modelization of such materials is of great interest, as it allows the simulation of reflectance and transmittance (R&T) spectra, which is a powerful non destructive tool in the determination of phase modifications (clustering, precipitation of new phases, crystallization) upon thermal treatments. In this paper, we study the optical properties of a variety of as‐deposited and furnace annealed SRO materials. The different phases are treated by means of the effective medium approximation. Upon annealing at low temperature, R&T spectra show the precipitation of amorphous silicon nanoparticles, while the crystallization occurring at temperatures higher than 1000 °C is also clearly identified, in …