Photoluminescence from metal nanostructures following intense ultrashort illumination is a fundamental aspect of light–matter interactions. Surprisingly, many of its basic characteristics are under ongoing debate. Here, we resolve many of these debates by providing a comprehensive theoretical framework that describes this phenomenon and support it by an experimental confirmation. Specifically, we identify aspects of the emission that are characteristic to either nonthermal or thermal emission, in particular, differences in the spectral and electric field dependence of these two contributions to the emission. Overall, nonthermal emission is characteristic of the early stages of light emission, while the later stages show thermal characteristics. The former dominate only for moderately high illumination intensities for which the electron temperature reached after thermalization remains close to room temperature.