A gold nanocluster Au17Cd2(PNP)2(SR)12 (PNP=2,6‐bis(diphenylphosphinomethyl)pyridine, SR=4‐MeOPhS) consisting of an icosahedral Au13 kernel, two Au2CdS6 staple motifs, and two PNP pincer ligands has been designed, synthesized and well characterized. This cadmium and PNP pincer ligand co‐modified gold nanocluster showed high catalytic efficiency in the KA2 reaction, featuring high TON, mild reaction conditions, broad substrate scope as well as catalyst recyclability. Comparison of the catalytic performance between Au17Cd2(PNP)2(SR)12 and the structurally similar single cadmium (or PNP) modified gold nanoclusters demonstrates that the co‐existence of the cadmium and PNP on the surface is crucial for the high catalytic activity of the gold nanocluster. This work would be enlightening for developing efficient catalysts for cascade reactions and discovering the catalytic potential of metal nanoclusters in organic transformations. [ABSTRACT FROM AUTHOR]