A series of triarylboranes, in which different substituents are introduced at the para position of the dimethylamino group of a 2‐dimesitylboryl‐2’‐(N,N‐dimethylamino)biphenyl core unit, have been comprehensively investigated to explore the effect of structural modification on photophysical properties. The introduction of electron‐accepting substituents would facilitate the HOMO→LUMO charge transfer (CT) transition. In contrast, the intramolecular CT transition is significantly prohibited when electron‐donating substituents are incorporated. Notably, the HOMO→LUMO CT transition mainly consists of the transition from the electron‐donating amino group to an electron acceptor other than boryl when a strong electron acceptor such as the dicyanovinyl group is present. This dicyanovinyl‐substituted compound displays sensing abilities to discriminate fluoride and cyanide ions. In solution in THF, the fluoride ions first bind to the boron center, then attack the α‐carbon atom of the dicyanovinyl group, whereas the cyanide anion acts on the electron‐accepting centers in the reverse sequence. As a result, the absorption and emission change in different manners upon addition of fluoride and cyanide ions.