Due to their interesting chemical and optical properties, metal nanoclusters are used in various catalytic reactions and in energy conversion. By incorporating thiolate‐protecting ligands, their size and composition can be tuned. Doping these nanoclusters to form single‐atom alloy (SAA) nanoclusters is shown to further enhance these properties as a result from the synergy between the dopant and host atoms. In addition to their optical and chemical properties, SAA nanoclusters also have interesting electronic properties. However, these properties are often underdiscussed when studying SAA nanoclusters. This review provides an overview of representative studies done on the in‐depth understanding of the electronic properties and catalytic activities of Ag‐based and Au‐based thiolate‐protected SAA nanoclusters. The use of density functional theory (DFT), X‐ray absorption spectroscopy, and X‐ray photoelectron spectroscopy are employed to correlate the changes in charge states of thiolate‐protected SAA nanoclusters with their superior catalytic activity versus monometallic nanoclusters. DFT, UV–vis spectroscopy, and voltammetric methods link the changes in molecular energy levels of thiolate‐protected SAA nanoclusters to their enhanced catalytic performance over monometallic nanoclusters.