We have measured depth-resolved microphotoluminescence (PL) and micro-Raman spectra on the cross section of porous silicon multilayers to sample different layer depths. The PL emission band gets stronger, blueshifts, and narrows at the high porosity layers. On the contrary, the Raman band weakens and broadens. This band is fitted to the phonon confinement model. With the bulk silicon phonon frequency and its linewidth as free parameters, we obtain crystallite size, temperature, and stress as a function of depth. Sizes are larger than those estimated from PL. Laser power was reduced to eliminate heating effects. Compressive stresses in excess of 10~kbar are found in the deepest layer due to the lattice mismatch with the substrate.