The type of material used in packaging, lighting, and storage time can impact food quality during storage. This study aimed to investigate the progress of photosensitized oxidation in refined soybean oil using steady-state and time-resolved fluorescence spectroscopy. The experiment was conducted through accelerated photo-oxidation with Light-Emitting Diode (LED) in samples stored for ten days at room temperature (26.0 ± 2.0 °C) in clear polyethylene terephthalate (PET) packaging of different colors and different transmission spectra in the UV and visible range. Emission spectra were obtained with excitation at 373, 405, and 500 nm, resulting in two main emission peaks: the first with maximum emission between 430 and 555 nm and the second at around 660 nm. Fluorescence decay curves were obtained with excitation at 340 and 405 nm. The results indicated that transparent PET bottles are not effective in protecting soybean oil from photosensitized oxidation under the studied conditions. Strong correlations were observed between fluorescence parameters and peroxide and conjugated diene values, indicators of lipid oxidation progress. Fluorescence spectroscopy has several advantages over traditional methods as it is a simple, fast, low-cost, and low-waste technique.