Novel laser dye, allyl 2-(6-(allyloxy)-3-oxo-3H-xanthen-9-yl) benzoate [diallyl-fluorescein] has been synthesized. Its chemical structure was confirmed by 1 HNMR, IR, MS and elemental analysis. Its optical properties were experimentally investigated. The amplified spontaneous emission (ASE) efficiency was 0.29% in case of new dye while it was 0.23% in case of fluorescein by pumping the dye samples with a 532 nm (7 ns) pulsed Nd:YAG laser. Also, the thermal and photostability techniques confirmed the higher stability of new laser dye.