The synthesis of novel luminescent polymer containing p‐phenylene‐ethynylene and 9,12‐linked o‐carborane units alternately in the main chain is reported. The obtained polymer exhibits intense blue photoluminescence, providing the first insights into the optical properties of a 9,12‐disubstituted o‐carborane dye. π‐Conjugated substituent at 9 and/or 12‐positions in o‐carborane is electrically independent, and both the HOMO and the LUMO levels slightly increase, whereas LUMO of the π‐conjugated substituent at 1 and/or 2‐positions in o‐carborane decrease. Thus, it is deduced that polymers consisting of the 9,12‐linked o‐carborane unit are able to be applied as light‐emitting materials.