KMgF3:Ce3+ is an ultra sensitive Thermoluminescence (TL) material with a complex TL and OSL glow-curve structure. The aim of the present work is to attempt a one-to-one correspondence between specific TL glow-peaks and OSL components in KMgF3:Ce3+. The correlation study involves the deconvolution of the TL curves and the estimation of the bleaching decay constants for individual glow-peaks followed by the deconvolution of the LM-OSL curve using the estimated decay constants. It was found that the bleaching of each individual glow-peak takes place in three different rates; namely in a fast, medium and slow rate.