Donor-acceptor (D-A) type conjugated polymers are of high interest in the field of electrochromism. In this study, three novel conjugated copolymers (PBPE–1, PBPE-2 and PBPE-3) based on quinoxalino[2′,3′:9,10]phenanthro[4,5-abc]phenazine (A) as the acceptor unit and 4,8-bis((2-octyldodecyl)oxy)benzo[1,2-b:4,5-b′]dithiophene (D1) and 3,3-didecyl-3,4-dihydro-2H-thieno[3,4-b][1,4]dioxepine (ProDOT-decyl2, D2) as the donor units with different donor-to-acceptor ratios were successfully synthesized through Stille coupling polymerization. The polymers were then characterized by cyclic voltammetry (CV), fourier transform infrared (FT-IR) spectoscopy, X-ray photoelectron spectroscopy (XPS), spectroelectrochemistry, thermogravimetry (TG), electrochromic switching and colorimetry. Optical band gap values were calculated as 1.99 eV, 2.02 eV and 2.03 eV, respectively. The three copolymers have good solubility, distinct redox peaks, wide absorption spectra, good thermal stabilities, bright color changes and significant electrochromic switching properties. Compared to the other two copolymers, the PBPE-3 film exhibited high coloration efficiency values of 513 cm2·C−1 at 504 nm and 475 cm2·C−1 at 1500 nm. The films have the advantage of exhibiting cathodic and anodic coloration.