The effect of MgO shell on the electron transfer between luminescent Cu doped ZnInS quantum dots (QDs) and magnetic FePt/MgO core/shell nanoparticles (NPs) was studied by using steady-state and time-resolved photoluminescence (PL) spectroscopy. MgO-coated FePt NPs were synthesized using 4 nm FePt cores as seeds for the growth of MgO shell, having a reduced saturation magnetization Ms compared to the pure FePt NPs. It was found that the shortening in PL lifetime of Cu doped ZnInS QDs induced by FePt NPs demonstrated an electrons transfer process from excited QDs to the adjacent FePt NPs. When FePt NPs were coated with a MgO shell, the low work function of MgO shell resulted in a formation of higher interfacial barriers between Cu doped ZnInS QDs and FePt NPs, significantly suppressing the electron transfer at Cu doped ZnInS QD-FePt NP interface.