An investigation of mechanisms for the near-infrared (NIR) electrogenerated chemiluminescence/electrochemiluminescence (ECL) of Au38(SC2H4Ph)24 (Au38, SC2H4Ph = 2-phenylethanethiol) nanoclusters both in annihilation and coreactant paths is reported. Essentially, no ECL emission was produced in the annihilation route over the potential range of the accessible redox states of Au38, because of the short lifetime and/or low reactivity of the electrogenerated Au38 intermediates necessary for ECL. Highly efficient light emission with a nominal peak wavelength of 930 nm in the NIR region was observed in the anodic region upon addition of tri-n-propylamine (TPrA) as the coreactant. The ECL mechanisms were elucidated by means of ECL-potential curves and spooling ECL spectroscopy. It was discovered that the Au38(+*) (and also Au38(3+*)) were electrogenerated as the major excited species in the light emission processes. Benzoyl peroxide was also used as a coreactant in the cathodic potential range from which benzoate radicals, with a high oxidizing power, were formed. These radicals accepted electrons from the electrogenerated Au38(2-) HOMO, resulting in the Au38(-*) excited state that emitted light at 930 nm. The photoluminescence of the various Au38 charge states, namely, Au38(2-), Au38(-), Au38(0), Au38(+), Au38(2+), and Au38(4+), electrogenerated in situ, indicated no significant difference in the emission peak wavelength. This information allowed a careful mapping of the relevant ECL mechanisms. It was found that the ECL efficiency could reach an efficiency of 3.5 times as high as that of the Ru(bpy)3(2+)/TPrA system.