The aim of this theoretical study is the investigation of hydrocarbon stability as a function of BN- and B-substitution degree. The targets are anthracene and phenanthrene because they resemble the zig-zag and armchair peripheries of graphene sheets. The computations are made at the RHF and MP2 level with various basis sets. The conclusions drawn are based on the results from calculations for more than 600 different structures created in a systematic way where pairs of carbon atoms are replaced by the respective number of B and N, or solely B-atoms. A common feature of all stable substituted molecules is the tendency for least fragmentation of the carbon skeleton, particularly, for preservation of maximum number of intact carbon aromatic cycles. The major dissimilarity between the BN- and B-substituted molecules are the preferred doping patterns and positions: the favorable structures feature alternation of B and N in the BN-derivatives and disjoint borons separated by C 2 fragments in the B-ones; the nitrogen atoms substitute predominantly secondary carbons, while borons prefer tertiary sites in the BN-substituted hydrocarbons and secondary positions in the B-modified structures. Overall, the anthracene isomers are more stable. The energy and AO contributions to the LUMOs of the studied species are rationalized in terms of electron-accepting properties of the latter, estimating their potential performance as oxidants. Energy depression of LUMOs is achieved mainly in B-substituted hydrocarbons due to large coefficients on the borons causing pronounced delocalization of the orbital. The findings can be used for directed synthesis of novel modified carbon-based materials for practical purposes.