The evolution of the ion beam induced luminescence (IBIL) of the polyethylene terephthalate (PET) foils was studied under the irradiation of H and He ions of MeV energy. The optical and chemical changes of the samples were also examined by photo-stimulated luminescence and optical absorption measurements after the irradiation. A prominent broad emission peak of IBIL appeared at around 380nm, and its intensity monotonically decreased during the ion irradiation. The decay curves of the emission intensity were quantitatively explained as a function of the electronic energy deposition of the incident H and He ions. On the contrary, to the decrease of the main emission peak, a growth of new peaks was observed in the wavelengths between 500 and 600nm.