Metal/semiconductor (Au/CdS) nanocomposites were synthesized in the solution of branched D-g-PAA polymer. TEM and DLS of Au/CdS/D-g-PAA nanocomposites revealed complicated nanocomposite structure consisting of the Au nanoparticles (NPs) of 6 nm in size surrounded by small CdS NPs with size of 3 nm. These nanocomposites formed the aggregates-clusters with average size of 50–800 nm. Absorption spectra of Au/CdS nanocomposites consist of the bands of excitons in CdS NPs and surface plasmons in Au ones. The surface plasmon band of gold NPs is red shifted and broadened in Au/CdS/D-g-PAA nanocomposites comparing to the one of Au NPs in Au/D-g-PAA proving the fact of close location of CdS and Au NPs in the synthesized Au/CdS/D-g-PAA nanocomposites. The PL spectra of Au/CdS nanocomposites originate from the radiative transitions in excitons in CdS NPs. The 4-fold increase of intensity of free exciton PL is observed for CdS NPs in Au/CdS/D-g-PAA comparing to CdS ones in CdS/D-g-PAA that is due to PL enhancement by local field of surface plasmons of Au NPs. Also, the 12-fold decrease of intensity of localized exciton PL is observed for CdS NPs in Au/CdS/D-g-PAA comparing to CdS ones in CdS/D-g-PAA. Most probably, it is due to passivation of the surface of CdS NPs carried out by the Au ones.