We develop a theory of the dynamical response of a minimal model of quantum spin ice (QSI) by means of inelastic light scattering. In particular, we are interested in the Raman response of the fractionalized U(1) spin liquid realized in the XXZ QSI. We show that the low-energy Raman intensity is dominated by spinon and gauge fluctuations. We find that the Raman response in the QSI state of that model appears only in the T2g polarization channel. We show that the Raman intensity profile displays a broad continuum from the spinons and coupled spinon and gauge fluctuations, and a low-energy peak arising entirely from gauge fluctuations. Both features originate from the exotic interaction between photon and the fractionalized excitations of QSI. Our theoretical results suggest that inelastic Raman scattering can in principle serve as a promising experimental probe of the nature of a U(1) spin liquid in QSI.