The diamond-like carbon (DLC) thin films having intrinsic nanocrystalline diamond (NCD) components were synthesized on bare glass substrates at 300 °C, employing a (C2H2/CO2/H2/) gas mixture in MW-PECVD. Relevant influence of the weak oxidant fraction [F = CO2/(CO2 + C2H2)] in the plasma on the specific hybridized constituents (sp3 and sp2) in the C-network, optical transmission characteristics of the film, and its accomplished degree of nanocrystallinity were investigated. A substantial segment of the NCD was achieved in the DLC matrix. An optimized diamond-phase component corresponding to the minimized bond angle disorder in the matrix was accounted from the manifestation of the maxima of IDia/IG and IDia/ID simultaneous to the minimum of ID/IG ratio in Raman response, along with an allied diamond peak appearing near 1332 cm−1. The optimal DLC film at F = 0.23 revealed a wide optical band gap (Eg) of ∼3.60 eV, ∼59% sp3-hybridized C component of the diamond phase, and a significant sp3/sp2 ratio of ∼2.1. The film microstructure seemed homogeneous with uniformly distributed NCDs of average diameter ∼7.5 nm and dominant 〈111〉 crystallographic orientation. The sp3/sp2 fraction in the film matrix has been correlated directly to the IDia/IG and IDia/ID, and inversely to ID/IG ratios of the Raman data. Atomic-O, including atomic-H, remains instrumental in chemical reactions, facilitating the etching of graphitic and a-C phases while preserving the superior sp3-hybridized NCD component growing uninterruptedly in the DLC network that subsists shielded from the high-energy ion impact within secondary plasma under the shadow mask.