Both DFT and TD-DFT methods are used to elaborate on the excited-state properties and dual-emission mechanism of a thiolate-protected Au42 nanocluster. A three-state model (S0, S1, and T1) is proposed with respect to the results. The intersystem crossing (ISC) process from S1 to T1 benefits from a small reorganization energy due to the similar geometric structures of S1 and T1. However, the ISC process is suppressed by relatively small spin-orbit coupling resulting from the similarity of the electronic structures of S1 and T1. As a result of the counterbalance, the ISC rate is comparable with the fluorescence emission rate. In the T1 state, the phosphorescence emission prevails the reverse ISC process back to the S1 state. Taken together, fluorescence and phosphorescence are achieved simultaneously. The present work provides deep mechanistic insights to aid the rational design of NIR dual-emissive metal nanoclusters.