This manuscript presents the detailed experimental and computational structural, physical property study of 3-phenyl-5-isooxazolone (3P5I). Different experimental spectral studies like IR, UV, Raman and NMR were used to get an insight on the actual structure of the compound. |It was followed by computational simulation of the structure using DFT approach employing B3LYP functional and 6-311++G (d, p) basis set. Scaled quantum mechanical force field method (SQMFF)was used to assign different vibrations in the spectra using normal coordinate analysis (NCA) and found that close agreement with investigational values. Experimental NMR(1H and 13C NMR) spectrum was also compared with the theoretically simulated spectra using GIAO-gauge independent atomic orbital formalism. UV–Vis Spectrum of compound also studied extensively using theoretical and experimental techniques. Most importantly, the compound shows high light harvesting efficiency hence can be used like a very good photosensitiser in DSSC (dye sensitized solar cells). The overall efficiency of the cell is more than 8% in a titanium dioxide based cell, which is high when compared to similar cells. MEP surfaces, HOMO-LUMO, NLO properties, chemical reactivity descriptors, NBO analysis, and Mulliken atomic charge analysis were also executed to predict physical as well as chemical properties. Molecular docking simulations show that the compounds can be used as effective apoptosis agonist and antiasthmatic agent.