We report here the synthesis, structure, luminescence, and magnetic properties of three new cage‐like tetranuclear silsesquioxanes (Et4N)2[(PhSiO1..5)8(Y0.75Dy0.25O1.5)4(O)(NO2.5)6(EtOH)2(MeCN)2] and (Cat)2[(PhSiO1.5)8(DyO1.5)4(O)(NO2.5)6(EtOH)2(MeCN)2] (Cat=Et4N or Ph4P). They present a characteristic green‐yellow emission. The Y3+/Dy3+ compound displays in addition a field‐induced Single Molecule Magnet (SMM) behavior making it the first reported bifunctional magneto‐luminescent silsesquioxane.