Synthesis of hyperbranched dendrimers up to third generation with N-phenylcarbazole as surface group and anthraquinone as the core unit has been achieved. The fluorescence decay studies of the dendrimers indicate that generation growth alters the relaxation time. The highly branched third-generation dendrimer has a longer relaxation time than the zero-, first-, and second-generation dendrimers. Similarly, higher-generation dendrimers show better antioxidant behaviour with 1,1-diphenyl-2-picryl hydrazyl than the lower-generation dendrimers.