Optoelectronic characteristics of the superlattice diode as a function of deposition temperature and annealing conditions have been studied. The multilayer nanocrystalline silicon/adsorbed oxygen (nc/Si/O) superlattice formed by molecular beam epitaxy (MBE) system. Experimental results showed that deposition temperature of 550$^{circ}C$, followed by hydrogen annealing leads to best results, in terms of optical photoluminescence (PL) and electrical current-voltage (I-V) characteristics. Consequently, the experimental results of multilayer Si/O superlattic device showed the stable photoluminescence and good insulating behavior with high breakdown voltage. This is very useful promise for Si-based optoelectronic devices, and can be readily integrated with conventional silicon ULSI processing.