We report the synthesis, photophysical investigation, computational studies and electroluminescent(EL) properties of an organic electroluminescent material-Bis(8-hydroxyQuino line) acetylacetone aluminum (Alq2A). It is characterized by 1H NMR, IR and elemental analysis techniques. The absorption and fluorescence spectra of various Alq2A systems including solution in ethanol, powder and thin film on quartz (thickness of 50nm) have also been systematically evaluated. Analysis of the electronic structure of Alq2A calculated by quantum chemical calculations reveals a localization of orbital and the distribution of orbital energy. The results from EL experiments indicate that Alq2A has good electron transport properties as compared with tris(8-hydroxyquinolinato) aluminum (Alq3). Thus, Alq2A is considered to be a superior emitter and electron transporting material for display application compared with Alq3.