Thermal fluctuations of the smectic layers in freely suspended thin liquid crystalline films have been studied by the methods of X-ray diffraction and reflectometry. The fluctuation dynamics is studied by themethods of photon correlation spectroscopy with the use of a source of coherent synchrotron radiation. In freely suspended smectic films, the typical relaxation times are of the order of several microseconds. In thin liquid crystalline films, the simultaneous damped and oscillatory behavior was observed for the layer undulations.