Monolayer graphene absorbs 2.3 percent of the incident visible light. This “small” absorption has been used to emphasize the visual transparency of graphene, but it in fact means that multilayer graphene absorbs a sizable fraction of incident light, which causes non-negligible fluorescence. In this paper, we formulate the light emission properties of multilayer graphene composed of tens to hundreds of layers using a transfer matrix method and confirm the method’s validity experimentally. We quantitatively explain the measured contrasts of multilayer graphene on SiO2/Si substrates and find sizable corrections, which cannot be classified as incoherent light emissions, to the reflectance of visible light. The new component originates from coherent emission caused by absorption at each graphene layer. Multilayer graphene thus functions as a partial coherent light source of various wavelengths, and it may have surface-emitting laser applications.