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Liquid crystals are known as the fourth state of matter, and it is found between two condensed phases solids and liquids. Liquid crystals were first discovered in 1888 by an Austrian botanist and the term “Liquid crystals” was termed in 1904 by a German physicist. In the long run wide varieties of liquid crystals are known. In this thesis the classes of discotic and calamitic liquid crystals are covered. They have potential applications as supercapacitors and organic semiconductors. The chapters of this thesis are divided into following topics:1.Tetrafluoro-tetraalkoxy triphenylene discotic compounds.There is a misbelief amongst researchers that long flexible tails on the periphery of a rigid aromatic core are a prerequisite for formation of discotic liquid crystals (DLCs). In this study we have synthesized triphenylene based liquid crystals which have significantly shorter tails on the periphery of the core and still the mesophase is retained. These molecules defy the classical understanding about discotic liquid crystals.2.Influence of fluorination on the mesogenicity of 6,7,10,11-tetramethoxytriphenylene compounds.Amongst the short tailed DLCs, 1,2,3,4-tetrafluoro-6,7,10,11-tetramethoxy triphenylene has the shortest tails that can retain the mesophase. In this study, we try to learn about the influence of the extent and position of fluorination on the compounds mesogenicity.3.Chloro-fluoro triphenylene discotic compounds.In this study we have synthesized triphenylene molecules with only fluorine and chlorine substituents, yet we were able to find mesophases in many of these compounds. These compounds belong to the class of strictly tail free compounds with columnar mesophases.4.No-tail but larger aromatic core discotic compounds.Since we have a few different sets of short tail or no-tail DLCs based on the triphenylene core, we aim to find this behavior in compounds with a larger aromatic core. In this study, we have been able to synthesize some fluorinated dibenzotetracene based compounds and a few of them support the columnar mesophase even with minimal or no tail content.5.Synthesis of RM734 variant ferronematic liquid crystals.Ferronematic liquid crystals were discovered only a few years ago. RM734 is the first compound that was found to support this novel phase. There are a few structure-property studies done on this class of compounds and the understanding is that position 4 and position 2 alkoxy substituents of a terminal phenyl ring of this diester compound are required to support the NF phase. However, we found that materials with only position 2 substituted with short alkoxy groups were able to support the novel NF phase.6.Synthesis and properties of thiophene based ferronematic liquid crystals.There are only a few classes of materials currently known to support the NF phase, and so far, there is no evidence in the literature of any heteroaromatic compound based NF compounds. In this study, we were able to synthesize a large set of thiophene based NF compounds. This is the first set of materials with heteroaromatic content that support NF phase behavior.