3-Hydroxy-4-(4-methoxyphenyl)-5-phenyl-2,2'-bipyridine-6-carbonitrile was synthesized by the aza-Diels–Alder reaction between 4-(4-methoxyphenyl)oxazole-2-amine and 6-phenyl-3-(2-pyridyl)-1,2,4-triazine-5-carbonitrile. The 3-methoxy derivative of the product was synthesized by the O-methylation reaction. The photophysical characteristics of both compounds were studied. The alkylation of the 3-hydroxy group at the position of C3 of 2,2'-bipyridine leads to a significant increase in the photoluminescence intensity.