The effect of Ag doping on the electronic structure of a stable thiolate-protected Au(25) cluster (Au(25)(SR)(18)) was studied by measuring the optical spectra of Au(25-n)Ag(n)(SC(12)H(25))(18) (n = 0-11) and the results reveal that the electronic structure of Au(25)(SC(12)H(25))(18) is sensitive to Ag doping and is continuously modulated by incorporation of Ag atoms.