The Hashmi phenol synthesis reaction (the ω‐alkynylfuran cycloisomerization) catalyzed by the M6@Au32 (M=Ag, Cu, Pd, Pt, Ru, and Rh) core–shell nanoclusters was investigated systematically. The 5‐exo Friedel–Crafts‐type mechanism of the ω‐alkynylfuran cycloisomerization on the six core–shell nanoclusters was analyzed in details. The adsorption property and catalytic activity of the Au38 nanocluster could be effectively tuned by the substitution of the core Au atoms. The adsorption properties of alkynes on core–shell and Au38 clusters depended on four factors, including the numbers of unoccupied and occupied d orbitals, orientation of d orbital and d‐bonding down‐shift. Compared with the Au38 cluster, the core–shell nanoclusters could cause larger changes in the interaction energies between the substrate and cluster fragments, which are beneficial for facilitating the cyclization step and the ring closing of the dienone carbene–gold intermediate. In addition, according to the calculated results, the catalytic activity of Au38 can be tuned by substitution of the core gold atoms.