This study delves into the diverse characteristics of C80 fulleryne, derived from the incorporation of acetylenic linkages into each chain of the smallest fullerene, C20. Utilizing advanced theoretical computations, we confirm the stability of C80 fulleryne. Notably, its possession of a finite energy gap (0.743 eV) categorizes it as a semiconductor. Further enlightenment into its structural stability, bonding and reactivity stems from an exploration of different energy components, topological descriptors of electron density and chemical reactivity parameters. C80 fulleryne can act as radical scavenger owing to its higher electron affinity (5.5 eV). Spectral analysis revealed the C80 fulleryne’s absorption within the near-infrared region and its intriguing optical transparency with negligible loss in specific regions of the electromagnetic spectrum. Additionally, our investigation scrutinized the viability of C80 fulleryne as an anode material in Lithium-ion batteries. The presence of low adsorption energy (−1.693 eV) and significant amount of Bader charge transfer (0.917 e) between Li-ion and C atoms of C80 fulleryne confirms that Li-ion gets chemisorbed on the C80 fulleryne. Remarkably, this cage acts as a storehouse to host 12 Li ions, precisely one for each of its constituent pentagons within the C80 fulleryne structure, bearing a theoretical capacitance of 335 mAhg−1.