Seven new derivatives of phenanthro[9,10-d]imidazole having differenet substituents at the 1st and the 2nd positions of the phenanthroimidazole moiety were synthesized and characterized. The comparative study of their properties was performed employing thermal, optical, electrochemical and photoelectrical measurements. The properties of the newly synthesized compounds were compared with those of earlier reported derivatives of phenanthroimidazole and several interesting new findings were disclosed. Density functional theory calculations accompanied by optical spectroscopy measurements have shown the possibility of tuning the emission properties (excited-stated decay rate, fluorescence quantum yield, etc.) of phenanthro[9,10-d]imidazole derivatives via attachment of different substituents to the 1st and the 2nd positions. The most polar and bulky substituents linked to the 2nd position were found to have the greatest impact on the emissive properties of compounds causing (i) fluorescence quantum yield enhancement of dilute liquid and solid solutions (up to 97%), (ii) suppression of intramolecular torsion-induced nonradiative excited-state relaxation in rigid polymer films as well as (iii) inhibition of aggregation-promoted emission quenching in the neat films. Most of the studied compunds exhibited ambipolar charge transport character with comparable drift mobilities of holes and electrons. The highest hole and electron mobilities approaching 10-4 cm2 V-1 s-1 were observed for the derivative having a triphenylamino group at the 1st position of the imidazole ring and the phenyl group at the 2nd position. The estimated triplet energies of phenanthro[9,10-d]imidazole compounds were found to be in the range of 2.4-2.6 eV, which is sufficiently high to ensure effective energy transfer to yellow/red emitters.