Nanoparticles (NPs) with atomic precision, known as nanoclusters (NCs), are an emerging field in materials science in view of their fascinating structure-property relationships. Ultrasmall noble metal NPs have molecule-like properties that make them fundamentally unique compared with their plasmonic counterparts and bulk materials. In this review, we present a comprehensive account of the chemistry of monolayer-protected atomically precise noble metal nanoclusters with a focus on the chemical reactions, their diversity, associated kinetics, and implications. To begin with, we briefly review the history of the evolution of such precision materials. Then the review explores the diverse chemistry of noble metal nanoclusters, including ligand exchange reactions, ligand-induced structural transformations, and reactions with metal ions, metal thiolates, and halocarbons. Just as molecules do, these precision materials also undergo intercluster reactions in solution. Supramolecular forces between these systems facilitate the creation of well-defined hierarchical assemblies, composites, and hybrid materials. We conclude the review with a future perspective and scope of such chemistry.