Optical properties of [Re(CO) (dppz)(py)] (dppz=dipyrido[3,2-a:2',3'-c]phenazine; py=pyridine) in acetonitrile, water and DNA have been investigated based on DFT, time-dependent-DFT (TD-DFT)/ conductor-like screening model, with and without explicit solvent molecules, and molecular dynamics. Whereas implicit solvent model is not appropriate to model optical properties of dppz-substituted metal complexes, adding explicit solvent molecules in interaction with dppz stabilizes the metal-to-ligand-charge-transfer (MLCT) transitions. Classical molecular dynamics simulations point to an important conformational flexibility, as evidenced by the coexistence of two conformers A and B. When considering the conformational sampling, the lowest band of the absorption spectrum is red-shifted and broadened up to 500 nm in agreement with the experimental spectra supporting important dynamical effects. The absorption spectra of [Re(CO) (dppz)(py-R)] GC-DNA and [Re(CO) (dppz)(py-R)] /AT-DNA (R=CH -CH -COO ) intercalated in both major or minor grooves exhibit a lowest energy charge separated (CS) band at about 600 nm and 500 nm, respectively, corresponding mainly to excitations from guanine and adenine to dppz. These states may play a central role into DNA-mediated charge transport processes. The over stabilization of the lowest IL state of [Re(CO) (dppz)(py)] in water as compared to acetonitrile could be responsible for the quenching of emission in water.