The photophysical properties of the newly synthesized unsymmetrically substituted aromatic acetylene derivative 9‐(2‐(4‐(N,N‐dimethylamino)phenyl)ethynyl)anthracene‐10‐carbonitrile (CNAacDMA) were investigated with the steady‐state and time‐resolved fluorometry. In saturated hydrocarbon solvents, only fluorescence from a locally‐excited state (LE) is recorded. In more polar solvents however, excitation of this dye leads to a charge transfer state (CT). In moderate polar solvents (ϵ=4–8) dual emission is observed as a result of competition between structural change and intramolecular charge transfer in the excited state. In polar solvents only one emission band, at shorter wavelength than CT emission, is observed, indicating a bidirectional solvatofluorochromism.