A donor–π–acceptor fluorescent dye, 4‐[N,N‐di(4‐phenyl)amino]benzaldehyde 4‐chlorobenzoyl hydrazone (TPA‐CBH), based on a triphenylamine derivative (TPA) and 4‐chlorobenzoyl hydrazine (CBH) was designed and synthesized. The optical properties of this luminogen were investigated in solutions as well as in the solid states. In the intramolecular charge‐transfer (CT) mechanism, TPA‐CBH exhibits solvatochromism when dissolved in various polar solvents. Aggregation‐induced emission was observed with the changes of tetrahydrofuran/water ratios. In the solid state, mechanochromic fluorescence is observed when the samples are stressed under different conditions. Based on structural analyses and theoretical calculations, it is found that intra‐ and intermolecular CT processes play a key role in the diversity of fluorescent properties.