A hitherto unknown diphenylbutadiene analog viz. 1-(p-N,N-dimethylaminophenyl)-4-phenyl-2-methyl-1E,3E-butadiene (10) has been prepared and its absorption, excitation, and fluorescent emission properties in different media including various organic solvents and aqueous bovine serum albumin (BSA) have been studied. For comparision, these properties have also been investigated for the parent diphenylbutadiene (2). Diene 10 exhibits solvent polarity/polarizability-sensitive fluorescence properties ($lambda$$_{max}$, $Phi$$_f$</TEX>, $ au$$_f$, K$_f$, f). It also binds to the hydrophobic domains of aqueous bovine serum albumin (BSA) with a binding constant of 3.89 x 10$^4$ M$^{-1}$. The relative fluorescence quantum yield of 10 increases, while, the fluorescence lifetime decreases with increasing concentration of-BSA. The results highlight the polar character of the singlet excited state of diphenylpolyenes and the utility of 10 as fluorescence probe for studying microenvironments of organized assemblies and biological supramolecular structures.