Photoluminescent molecules and nanomaterials have potential applications as active waveguides, but such a use has often been limited by high optical losses and complex fabrication processes. We explored ligand-protected metal nanoclusters (LPMNCs), which can have strong, stable, and tunable emission, as waveguides. Two alloy LPMNCs, Pt1Ag18 and AuxAg19-x (7 ≤ x ≤ 9), were synthesized and structurally determined. Crystals of both exhibited excellent optical waveguide performance, with optical loss coefficients of 5.26 × 10-3 and 7.77 × 10-3 decibels per micrometer, respectively, lower than those demonstrated by most inorganic, organic, and hybrid materials. The crystal packing and molecular orientation of the Pt1Ag18 compound led to an extremely high polarization ratio of 0.91. Aggregation enhanced the quantum yields of Pt1Ag18 and AuxAg19-x LPMNCs by 115- and 1.5-fold, respectively. This photonic cluster with low loss and high polarization provides a generalizable and versatile platform for active waveguides and polarizable materials.