Absorption and fluorescence spectra of 2-R-5-phenyl-1,3,4-oxadiazoles (R = H, methyl, tert-butyl, trifluoromethyl, amino, phenyl, benzyl) were studied experimentally and by time dependent density functional theory (TDDFT) methods. In acidic media a substantial red shift is observed due to the presence of conjugate acid forms. Two conjugate acid forms (3H and 4H) are possible for unsymmetrically substituted oxadiazoles. Relative basicities of the two basic centers of oxadiazole ring at the S-0 and S-1 geometries were calculated using the local density descriptors approach. Substituent effects were studied by analyzing the electron density distribution in the ground and excited states. Analyzing the absorption spectra and local descriptors results, we predict 4H forms to be the dominant acid forms. Calculated emission peaks of 4H forms agree well with experimental observations. An abnormal red shift in the case of the 3H forms is attributed to the increased stabilization of the N-H bond in the 3H forms compared to the 4H forms.