Photoluminescence (PL) measurements of porous silicon (PS) and iron-porous silicon nanocomposites (PS/Fe) with stable optical properties versus temperature and laser power density have been investigated. The presence of iron in PS matrix is confirmed by Raman spectroscopy. The PL intensity of PS and PS/Fe increases at low temperature, the evolution of integrated PL intensity follows the modified Arrhenius model. The incorporation of iron in PS matrix reduces the activation energy traducing the existence of shallow levels related to iron atoms. Also, the temperature dependence of the porous silicon PL peak position follows a linear evolution at high temperature and a quadratic one at low temperature. Such evolution is due to the thermal carriers' redistribution and an energy transfer. Similarly, we have compared the laser power dependence of the PL in PS and PS/Fe layers. The results prove that the recombination process in PS is realised through the lower energy traps localised in the electronic gap. However, the observed emission in PS/Fe is essentially due to direct transitions. So, we can conclude that the presence of iron in PS matrix induces a strong modification of the PL mechanisms.