Self-assembled nanostructures obtained from various functional π-conjugated organic molecules have been able to draw substantial interest due to their inherent optical properties, which are imperative for developing optoelectronic devices, multiple-color-emitting devices with color-tunable displays, and optical sensors. These π-conjugated molecules have proven their potential employment in various organic electronic applications. Therefore, the stimuli-responsive fabrication of these π-conjugated systems into a well-ordered assembly is extremely crucial to tuning their inherent optical properties for improved performance in organic electronic applications. To this end, herein, we have designed and synthesized a functional π-conjugated molecule (TP) having phenanthro[9,10-d]imidazole with terpyridine substitution at the 2 position and its corresponding metal complexes (TPZn and (TP)2Zn). By varying the polarity of the self-assembly medium, TP, TPZn, and (TP)2Zn are fabricated into well-ordered superstructures with morphological individualities. However, this medium polarity-induced self-assembly can tune the inherent optical properties of TP, TPZn, and (TP)2Zn and generate multiple fluorescence colors. Particularly, this property makes them useful for organic electronic applications, which require adjustable luminescence output. More importantly, in 10% aqueous-THF medium, TPZn exhibited H-type aggregation-induced white light emission and behaved as a single-component white light emitter. The experimentally obtained results of the solvent polarity-induced variation in optical properties as well as self-assembly patterns were further confirmed by theoretical investigation using density functional theory calculations. Furthermore, we investigated the I-V characteristics, both vertical and horizontal, using ITO and glass surfaces coated with TP, TPZn, and (TP)2Zn, respectively, and displayed maximum current density for the TPZn-coated surface with the order of measured current density TPZn > TP > (TP)2Zn. This observed order of current density measurements was also supported by a direct band gap calculation associated with the frontier molecular orbitals using the Tauc plot. Hence, solvent polarity-induced self-assembly behavior with adjustable luminescence output and superior I-V characteristics of TPZn make it an exceptional candidate for organic electronic applications and electronic device fabrication.