The fluorescent properties, structure, and electronic structure of the ground and excited singlet and triplet electronic states of the cis and trans forms of 4,5-dihydro-2-(2-furyl)oxazole, 4,4-dihydro-2-(2-thienyl)oxazole, 2-(2-furyl)oxazole (FO), and 2-(2-thienyl)oxazole (TO) have been studied. The orbital nature of the lower excited singlet and triplet states has been studied by the semiempirical INDO/S (valence approximation) and PPP/S (π approximation) methods. It was shown that for FO and TO molecules the lower triplet state is of the ππ* type, for which delocalization of the electronic excitation on atoms is characteristic. In the singlet excitation state inversion was observed of the energy levels of the delocalized ππ* states and nπ* states localized over several bonds (for the free TO and FO molecules the lower excited singlet states S1* were assigned to ππ* and nπ* types respectively). Owing to the low position of the Tππ* and Tnπ* levels relative to the singlet level of ππ* type, the rate constant for intercombination conversion is greater than the rate constant for radiative decay. Consequently an efficient population of the triplet states of the molecules occurs under conditions of electronic-vibrational excitation. The direction of reactions during synthesis was compared with the localization indices in the ground state for electrophilic, nucleophilic, and radical substitution, and also with the excitation localization numbers Lμ for a wide selection of electronically excited states. It was concluded that the change in the structure of the azole molecule on replacing an O atom by an S atom, or on changing from a partially hydrogenated to a heteroaromatic system, was the main reason for the change of all the spectral parameters characterizing the electronic-vibrational or the spin-orbital interaction of the most reactive groups of atoms in the molecular structure.