Reaction of ethyl 2-cyano-3-(2-hydroxy-5-methyl-3-(p-tolylimino)methyl)phenyl)acrylate) (HL) based on 2, 6-diformyl-4-methylphenol with [Re(CO)5Cl] in toluene afforded a product of composition [Re2(CO)6(L)2]. X-ray structure of the representative complex [Re2(CO)6(L)2] was determined to confirm the molecular species unequivocally. The molecular structure of the rhenium complex exhibited distorted octahedral geometry around the Re(I) center, consistent with the d6 configuration. The complex exhibited excellent photoluminescence behavior in acetonitrile solution. To gain a deeper insight into the ground and excited-state geometries, absorption, and emission properties of the binuclear Re(I) core, complex was further scrutinized by DFT and TDDFT methods. In addition, the synthesized binuclear Re(I) complex was used as a porous material for the selective adsorption of CO2 gas at low temperature (273 K), as well as at ambient condition (298 K). To the best of our knowledge, this compound is the first Re(I)-based binuclear complex which efficiently adsorbs CO2 selectively.