Multiple o‐carborane substituted compounds, mono‐, 1,3‐bis‐, and 1,3,5‐tris[2‐(4‐butylphenyl)‐o‐carboran‐1‐yl]benzene (1–3), were prepared and characterized by multinuclear NMR spectroscopy and elemental analysis. The solid‐state structures of 2 and 3 were also confirmed by single‐crystal X‐ray diffraction. While the mono‐carborane compound 1 was nonemissive in the solution state at 298 K, the photoluminescence (PL) spectra of 2 and 3 exhibited weak‐to‐moderate emission (λem = 352 nm for 2 and 363 nm for 3 in THF). Compounds 2 and 3 showed intriguing dual emission bands (λem = 361 and 537 nm for 2 and λem = 387 and 520 nm for 3) at 77 K, and in film, of which the low‐energy band was dominant in the solid state. TD‐DFT calculations on the S1 optimized structures suggested that the low‐energy fluorescence of 2 and 3 was attributed to the π(4‐butylphenyl) → π*(phenylene‐o‐carborane) intramolecular charge‐transfer transition. The low‐energy electronic transition of 2 and 3 was apparently associated with aggregation‐induced emission, and an enhanced emission intensity (λem = ca. 570 nm for 2 and λem = ca. 550 nm for 3) was observed upon increasing the water fraction (fw) in THF/water mixtures. Furthermore, the PL spectroscopic experiments of poly(3‐hexylthiophene‐2,5‐diyl) (P3HT) polymer films doped with 3 revealed the excellent electron‐accepting properties of 3.