A new alternating donor–acceptor copolymer, poly{[2,7-(9,9′-dioctylfluorene)-alt-5,5′-(bis(2,2′-thiophene)-4,7-(2,1,3-benzothiadiazole)]-co-[2,7-(9,9′-dioctylfluorene)-alt-5,5′-(bis(2,2′-thiophene)-2,6-naphthalene-1,4,5,8-tetracarboxylic-N,N′-di(2-ethylhexyl)imide]} (PFTBTN), was synthesized for the use of photovoltaic cells. The copolymer containing fluorene, as the donor segment and naphthalene bisimide, dithienylbenzothiadiazole, as the acceptor segment was polymerized via Suzuki couplings to achieve a polymer with a narrow band gap. The band gap values of the copolymer film determined from optical and electrochemical measurements were 1.69 and 2.06eV, respectively. The optical absorption spectrum revealed two broad bands in the range of 300–750nm. Electrochemical studies indicate sufficiently deep HOMO/LUMO levels that enable a high open-circuit voltage when fullerene derivative ([6,6]-phenyl-C61 butyric acid methyl ester) was used as an electron acceptor. Bulk heterojunction photovoltaic cells were fabricated in the device configuration of ITO/PEDOT:PSS/PFTBTN:PCBM/TiO x /Al. Open-circuit voltage reached 0.74V with the maximum energy conversion efficiency of 0.40% under the illumination of AM 1.5 (100mW/cm2).