We synthesized a series of donor-substituted tridurylboranes containing different types and number of chromophores including 1-pyrene (PB1–3), 3-carbazole (CBC1–3), or substituted p-carbazol-N-phenyl (CBN3a–c) as various donor–acceptor (D–A) molecules. The photophysical and electrochemical properties of these twisted D–A molecules were investigated by means of UV/Vis absorption and fluorescence spectroscopy as well as cyclic voltammetry (CV). Solvent polarity, viscosity, and temperature effects on the fluorescence emission reveal the existence of three types of excited states, and their equilibria and interconversions between three excited states. In increasing order of the charge-separated extent and the conformational change, three excited states are the locally excited (LE) state, the more planar intramolecular charge-transfer (ICT) state, and the more twisted ICT (TICT) state as compared to the ground state. The TICT state undergoes a conformational change with a higher energy barrier over the ICT state. The solvent polarity effect on the state conversion is opposite to the viscosity effect, and temperature effects derive from its resulting changes of polarity and viscosity. For example, the increase of the polarity of the solvent results in excited-state conversions from the LE state to the ICT state, and/or from the ICT to the TICT state, and an increased viscosity leads to the opposite conversions. On the basis of electrochemical and spectral data, thermodynamics of a possible ICT process were estimated, and correlated with the excited-state character. Finally, three excited states have been characterized by the conformation, the photophysical properties, and the thermodynamics of the ICT processes.