Although polycyclic aromatic hydrocarbons (PAHs) with a nitrogen-boron-nitrogen (NBN) moiety have recently attracted tremendous interest due to their intriguing electronic and optoelectronic properties, all of the NBN-fused π-systems reported to date are called NBN-dibenzophenalenes and were synthesized by electrophilic aromatic substitution. The synthesis of NBN-phenalenes remains challenging, and transition-metal catalysis has never been utilized to construct NBN-embedded π-scaffolds. Herein, a palladium-catalyzed cyclization/bicyclization strategy was developed for the synthesis of diverse pentagonal and hexagonal ring-fused NBN-phenalenes and half-NBN-phenalenes. All of the NBN-embedded π-scaffolds presented in our paper are fluorescent in both solution and the solid state. Further investigations showed that the five-membered NBN rings exhibit the properties of traditional luminogens, while those with a six-membered NBN ring generally undergo photoinduced structural planarization (PISP) and exhibit different colors and quantum yields of fluorescence with different concentrations in solution. Time-resolved spectroscopy and TD-DFT calculations revealed that excited-state aromatization is the driving force for PISP in hexagonal ring-fused NBN-π systems, leading to the formation of excimers. Notably, the scope of PISP compounds is still quite limited, and PISP has never been observed in NBN-π systems before. These hexagonal ring-fused NBN-π systems constitute a novel PISP molecular library and appear to be a new class of aggregation-induced excimer emission (AIEE) materials. Finally, the AIEE behavior of these six-membered NBN rings was applied to the detection of nitro explosives, achieving excellent sensitivity. In general, this work provides a new viewpoint for synthesizing NBN-fused π-systems and understanding the excited-state motion of luminogens.