New benzo[h]quinolin-10-ol derivatives with one or two 2-cyanoacrylic acid units were synthesized with a good yield in a one-step condensation reaction. Chemical structure and purity were confirmed using NMR spectroscopy and elemental analysis, respectively. The investigation of their thermal, electrochemical and optical properties was carried out based on differential scanning calorimetry, cyclic voltammetry, electronic absorption and photoluminescence measurements. The analysis of the optical, electrochemical and properties was supported by density functional theory studies. The synthesized molecules were applied in dye-sensitized solar cells as sensitizers and co-sensitizers with commercial N719. The thickness and surface morphology of prepared photoanodes was studied using optical, scanning electron and atomic force microscopes. Due to the utilization of benzo[h]quinolin-10-ol derivatives as co-sensitizers, the better photovoltaic performance of fabricated devices compared to a reference cell based on a neat N719 was demonstrated. Additionally, the effect of co-adsorbent chemical structure (cholic acid, deoxycholic acid and chenodeoxycholic acid) on DSSC efficiency was explained based on the density functional theory.