Fluorinated graphene-like materials are currently attracting much attention due to the tuning of their properties by changing the fluorine content and pattern on the graphene lattice. In this work, we report the redshift of absorption bands and the suppression (increase) of green (yellow-orange) photoluminescence (PL) in the spectra of transparent CFx crystallites as x decreases from ∼0.44 to ∼0.33. Time-dependent density functional theory (TDDFT) calculations reveal that the aromatic regions and polyene chains in the CFx layers are mainly responsible for the optical absorption of the samples in the ultraviolet and visible regions, respectively. The electron-hole recombination within branched aromatic rings or long carbon chains produces orange-red emission, while green-yellow PL is due to transitions of excited polyene electrons to half-occupied levels of aromatic carbon. Our results show that the optical properties of partially fluorinated graphite layers are determined by the size and shape of the remaining sp2 carbon regions, which can be varied by changing the fluorination conditions.