Here, a photoluminescent liquid crystal that exhibits a change of emission color on the metastable–stable phase transition induced by external stimuli is prepared. A 2,6‐diethynylanthracene derivative with amide groups and dendritic side chains exhibits a columnar phase on slow cooling from the isotropic phase and shows blue emission in this columnar phase. In contrast, a cubic phase is obtained by rapid cooling from the isotropic phase. In the cubic phase, the 2,6‐diethynylanthracene cores form excimers, resulting in yellow emission. While the columnar phase is a stable liquid‐crystalline (LC) phase, the cubic phase is a metastable LC phase. It is found that a change of the photoluminescent color from yellow to blue is observed on the cubic‐columnar phase transition induced by heating or mechanical shearing for this 2,6‐diethynylanthracene derivative in the cubic phase. This change of photoluminescent color is ascribed to the inhibition of excimer formation on the metastable–stable LC phase transition.