Metal–semiconductor hybrid nanomaterials (HNMs) exhibit unique properties that are distinct from individual nanostructures, leading to promising applications in optical technologies. The interfacial linkage of semiconductor and metal nanoparticles (NPs) via cogelation is an effective strategy to produce HNMs that show strong plasmon‐exciton coupling and improved physical properties. However, optical properties of these hybrids show little to no tunability. Herein, CdSe/Ag hybrid aerogels that show tunable absorption and photoluminescence (PL) are produced by cogelation of CdSe nanorods (NRs) or NPs with Ag hollow NPs. Hybrid electronic states are created by overlapping the excitonic absorption of CdSe NRs or NPs with the plasmonic absorption of Ag NPs. Physical characterization of the hybrids reveals an interconnected network of hexagonal CdSe and cubic Ag NPs, linked by Ag+ and Se2− surface species, without intervening ligands. PL spectra exhibit maxima at 640 and 720 nm for the CdSe NPs/Ag and CdSe NRs/Ag hybrids, respectively, corresponding to new radiative decay mechanisms. Time‐resolved PL data support the emergence of new radiative pathways, kinetically and energetically distinct from the excitonic and plasmonic properties of primary NPs. This new approach of metal–semiconductor hybrid formation through cogelation is intriguing for the design of high‐efficiency HNMs without detrimental PL quenching.