We have measured and fitted the kinetics of luminescence of Ag nanoclusters homogeneously dispersed within the bulk of an oxyfluoride glass, with various sample temperatures. The balance equations for the populations of the excited singlet and triplet states of the Ag nanoclusters are proposed and used in this fitting while taking into account inter-system crossing between the singlet and triplet states and their wavelength dependent spontaneous decay to the ground singlet state. The involved energy barriers and rate constants and spontaneous emission cross-sections for the excited singlet and triplet states are evaluated.