Silver nanoclusters complexed with dihydrolipoic acid (DHLA) exhibit molecular-like excited-state properties with well-defined absorption and emission features. The 1.8 nm diameter Ag nanoparticles capped with Ag 8 clusters exhibit fluorescence maximum at 660 nm with a quantum yield of 0.07%. Although the excited state is relatively short-lived (τ 130 ps), it exhibits significant photochemical reactivity. By introducing MV 2+ as a probe, we have succeeded in elucidating the interfacial electron transfer dynamics of Ag nanoclusters. The formation of MV +• as the electron-transfer product with a rate constant of 2.74 × 10 10 s -1 confirms the ability of these metal clusters to participate in the photocatalytic reduction process. Basic understanding of excited-state processes in fluorescent metal clusters paves the way toward the development of biological probes, sensors, and catalysts in energy conversion devices.