A novel class of compounds containing tetraphenylethylene and dicarbazolyl triphenylethylene moieties combined with different spacers is synthesized. The compounds exhibit high thermal stabilities and aggregation-induced emission properties. The different spacers lead to differences in spatial conformation structures and spatial electron distributions, and markedly affect the thermal and photophysical properties of the compounds. The size of the aggregates formed in water–THF mixtures decreases with increasing water fractions. The time-resolved emission decay behaviors of the synthesized compounds in water–THF mixtures with water fractions from 60% to 99% show three relaxation pathways in their fluorescence decays.