A modified magnetron sputtering technique using pentaerythritol tetrakis(3-mercaptopropionate) (PEMP) as a stabilizing agent and liquid dispersion medium was developed to generate photoluminescent copper nanoclusters. The results reveal that, over time, the as-prepared blue emitting copper nanoclusters were converted to red-emitting copper sulfide nanoclusters. The formation of copper oxide as an intermediate during the conversion of copper to copper sulfide nanoclusters was demonstrated. Furthermore, based on the mechanism of formation of copper sulfide, the kinetics of the conversion process could be controlled via ultraviolet (UV) irradiation of the as-synthesized dispersion. These findings shed light on the formation and conversion of nanoclusters obtained via sputtering into liquid, demonstrating that the method is highly versatile for producing metal nanoclusters and compounds with tailorable composition and optical properties.