CdP2 nanoclusters were fabricated by incorporation into pores of zeolite Na-X and by laser ablation. Absorption and photoluminescence (PL) spectra of CdP2 nanoclusters in zeolite were measured at the temperatures of 4.2, 77 and 293 K. Both absorption and PL spectra consist of two bands blue shifted with respect to bulk crystal. We performed the calculations aimed to find the most stable clusters in the size region up to size of the zeolite Na-X supercage. The most stable clusters are (CdP2)6 and (CdP2)8 with binding energies of 9.30 eV and 10.10 eV per (CdP2)1 formula unit respectively. Therefore, we attributed two bands observed in absorption and PL spectra to these stable clusters. The Raman spectrum of CdP2 clusters in zeolite was explained to be originated from (CdP2)6 and (CdP2)8 clusters as well. The PL spectrum of CdP2 clusters produced by laser ablation consists of the asymmetric band with low-energy tail that has been attributed to emission of both (CdP2)8 cluster and CdP2 microcrystals.