Luminescent boron containing materials find numerous applications in modern technologies such as display/lighting, bio-imaging and sensing. Thus, investigations of structure-property relationships in organic luminescent compounds to understand their molecular and bulk properties are of fundamental importance. The main thrust of this thesis is the development of facile synthetic routes for boron containing novel polyads and study their structure-property correlations and to utilize this information to design functional materials with desired properties such as multiple emission, bio imaging, anion sensing and organic photo voltaic characteristics. This thesis contains seven chapters and the contents of each chapter are described below. Chapter 1 This chapter is a concise overview of the recent developments in the chemistry of boron based molecular systems such as triarylborane and BODIPYs. This chapter also highlights the basic nature of broad emissive materials. In addition, an advance in the frontier areas such as bio imaging is discussed in brief. Chapter 2 This chapter describes the structure and optical properties of a new triad (Borane-Bithiophene-BODIPY) 1. Triad 1 exhibits unprecedented tricolour emission when excited at borane centred high energy absorption band and also acts as a selective fluorescent and colorimetric sensor for fluoride ion with ratiometric response. The experimental results are supported by computational studies. Chapter 3 Two fluorescent compounds with similar absorption profiles and complementarily emissive properties can be regarded as the ideal couple for the generation of white-light. Two structurally close and complementarily fluorescent boron based molecular siblings 2 and 3 were prepared. The luminescence properties of individual triads were modulated to an extent to complement each other by controlling the intramolecular energy transfer in triads by fine-tuning the dihedral angle between fluorophores in 2 and 3. A binary mixture of 2 and 3 emitted white-light. Chapter 4 This chapter deals with a straight forward strategy for the generation of white-light emission in aqueous media. Using a blue-emissive AIE-active (aggregation-induced emission) 1, 8-naphthalimide- based sensitizer and a boron-dipyrromethene based red emitter as a dopant, water dispersible nanostructures with tunable emission features are produced. The white-light emissive (WL) nano-aggregates are stable at neutral pH and have been elegantly utilized for four-colour cell imaging (including near- infrared imaging). Chapter 5 This chapter describes the design and development of a NIR emitting triarylborane decorated styryl-BODIPY (4) via a facile synthetic route. Incorporation of TAB entities results in a significantly red shifted broad emission in 4 (compared to compound M3 which is devoid of TAB unit). The near coplanar orientation of Ar3B planes and BODIPY core results in a highly efficient (TAB to BODIPY) EET process in 4. Conjugate 4 acts as a highly selective and sensitive fluoride sensor with naked eye visual response as well as ratiometric fluorescent response. The dual emission in fluoride bound 4 possibly results from the restricted partial TAB to BODIPY energy transfer. Chapter 6 This chapter describes how the energy of transitions of the broad emissive molecular triads can be fine-tuned by judiciously changing the spacer oligothiophene length. A series of triarylborane and BODIPY conjugates (TAB-π-BODIPY) has been designed, and synthesized by a combined strategy of changing the connection mode between the two units, extending the conjugation size by introducing terthiophene, quaterthiophene, and pentathiophene units. The electrochemical and photophysical behavior of these conjugates were investigated. The experimental findings were rationalized by density functional theory calculations. Chapter 7 This chapter describes design and development of boron based novel electron acceptor BDY for the bulk-heterojunction solar cell. The electron mobility values of BDY was found to be of the order of standard PCBM. Bulk-heterojunction was fabricated using BDY as the electron acceptor layer. The power conversion efficiency of the newly developed solar cells with BDY as electron acceptor is much higher than the value obtained for standard cells with PCBM as the electron acceptor.