Considerable progress has been made in the synthesis and structural characterization of metal nanoclusters (NCs), but the ligandinduced electron−phonon coupling-dependent ultrafast carrier dynamics is still in its infancy. Here, we have employed a new synthetic strategy for the preparation of Ag 21 (CHT) 5 (DPPB) NCs with 7% photoluminescence (PL) quantum yield (QY). Such high QY is discovered to evolve from the intracluster interactions between 1,4-bis(diphenylphosphino)butane (DPPB) and cyclohexanethiol (CHT) ligands. These Ag 21 NCs exhibit significantly strong electron−phonon interactions (average phonon energy of ∼76 meV), originating from the combining effect of the metal core and surface of the NCs. Global analysis of the transient absorption kinetic data reveals that Ag 21 (CHT) 5 (DPPB) NCs involve a three-state relaxation process�core-state relaxation (8.65 ps), core to shell relaxation (617.8 ps), and slower relaxation to the ground state (>1 ns). This work reports new atomically precise Ag NCs with high PL quantum yield, providing a model for the excited-state relaxation dynamics.