NEW MATERIAL:The dialkylphenylbicyclohexane derivative of formula V (R1 and R2 are 1-15C alkyl).

EXAMPLE: 1-(trans-4-Pentylcyclohexyl) methyloxy-2, 6-dipropyl-4-(trans-4- propylcyclohexyl-trans-4-cyclohexyl) benzene.

USE: An active component of a liquid crystal composition. It is a liquid crystal compound having high clear point of liquid crystal, relatively low viscosity and excellent compatibility to other liquid crystal compounds such as ester compound and Schiff base compound.

PREPARATION: The objective novel compound of formula V can be produced e.g. by reacting an arylphenol of formula I with a compound of formula VI to produce a compound formula II, subjecting the compound to Claisen rearrangement reaction, reacting the resultant compound of formula III with a compound of formula VII and carrying out the catalytic reduction of the obtained compound of formula IV in the presence of a PdC catalyst.