A novel conjugated polymer (RB‐PPETE) of polyp‐(phenylene ethynylene)‐alt‐(thienylene ethynylene)] (PPETE) bearing covalently linked thienylene rings and Rhodamine B units has been synthesized and successfully used to detect metal ions. The Rhodamine B exists as a lactone, which is colorless and non‐fluorescent. Hg2+ ions can induce the Rhodamine group to form a ring‐opened state. The fluorescence resonance energy transfer (FRET) was demonstrated in the polymer, and in the presence of Hg2+ ions the excitation energy along the backbone of the conjugated polymer is transferred to the energy acceptor (Rhodamine B), which leads to a visual color change of the solution from slight yellow to orange. Meanwhile, this new system shows outstanding Hg2+‐selective FRET off–on type fluoroionophoric properties among the representative metal ions in tetrahydrofuran.