In this paper we discuss the age and spatial distribution of young (age<1Gyr) SMC and LMC clusters using data from the Magellanic Cloud Photometric Surveys. Luminosities are calculated for all age-dated clusters. Ages of 324 and 1193 populous star clusters in the Small and the Large Magellanic Cloud have been determined fitting Padova and Geneva isochrone models to their resolved color-magnitude diagrams. The clusters cover an age range between 10Myr and 1Gyr in each galaxy. For the SMC a constant distance modulus of (m-M)_0_=18.90 and a metallicity of Z=0.004 were adopted. For the LMC, we used a constant distance modulus of (m-M)_0_=18.50 and a metallicity of Z=0.008. For both galaxies, we used a variable color excess to derive the cluster ages. We find two periods of enhanced cluster formation in both galaxies at 160Myr and 630Myr (SMC) and at 125Myr and 800Myr (LMC). We present the spatially resolved recent star formation history of both Clouds based on young star clusters. The first peak may have been triggered by a close encounter between the SMC and the LMC. In both galaxies the youngest clusters reside in the supergiant shells, giant shells, the inter-shell regions, and toward regions with a high H\alpha content, suggesting that their formation is related to expansion and shell-shell interaction. Most of the clusters are older than the dynamical age of the supergiant shells. No evidence for cluster dissolution was found. Computed V band luminosities show a trend for fainter magnitudes with increasing age as well as a trend for brighter magnitudes with increasing apparent cluster radii.