A new luminescent hybrid material based on silica aerogel and a boron-containing coordination compound with 8-hydroxyquinoline was created, and its physicochemical and spectral-luminescent characteristics were studied. A simple scheme for the synthesis of a hybrid luminescent material was developed. Simultaneously with the synthesis of the aerogel, the formation of a boron-containing phosphor was carried out using an isopropanol solution of boric acid and 8-hydroxyquinoline. Using in situ luminescent measurements, the mechanisms of the formation of boron-based luminescent complexes in isopropanol and tetrahydrofuran media were established. Both hydrophilic and hydrophobic silica aerogels were tested as matrices for the hybrid material. The formation of a thin layer of a boron-containing coordination luminescent compound on the highly developed surface of the SiO2 aerogel made it possible to strongly stabilize the aerogel structure and noticeably increase the thermal stability of the synthesized hybrid material.