The effect of cadmium ions introduced into fluorophosphate glass on the growth and photoluminescence (PL) of the CsPb1-xCdxBr3 perovskite nanocrystals (NCs) is systematically studied. The x-ray diffraction patterns have shown that cadmium ions are really incorporated into the NCs that results in a decrease in the lattice constant from 5.85 (x = 0) to 5.75 Å (x = 0.45). At the large cadmium content in the glass (x > 0.38), simultaneous formation of the perovskite CsPb1-xCdxBr3 NCs and the non-luminescent CsCdBr3 NCs in the hexagonal phase is found. It is also found that the lattice contraction leads to an increase in the bandgap energy and a noticeable shift of the PL band to the blue region of the spectrum (from 2.42 to 2.68 eV) with a drop in quantum yield from 85% for CsPbBr3 NCs down to 4% for CsPb0.55Cd0.45Br3 NCs. It is shown that the PL quantum yield decreases due to the formation of deep trap states, which manifest themselves as a PL band in the energy range of 1.6-2.5 eV at cryogenic temperatures. A simple model explaining the behavior of the PL band as a function of temperature in the range from 30 to 300 K is proposed.