In this study, the optoelectronic properties and emission dynamic quenching of poly‐TPD were investigated upon incorporating ZnO nanoparticles and multiwalled carbon nanotubes (MWCNTs). A solution blending method was utilized to successfully prepare poly‐TPD incorporated with various contents of ZnO/MWCNT nanocomposites. The optoelectronic properties of the nanocomposites were analyzed using UV–Vis and photoluminescence spectrophotometry. The incorporation of the nanocomposites resulted in a decrease in transmittance, reflectance, and absorption edge, indicating a reduction in the poly‐TPD's bandgap. Parameters such as extinction coefficient, Urbach energy, and charge carrier density also decreased with addition of the nanocomposites, suggesting increased scattering, disorder, and the presence of defect states. The decrease in bandgap from 2.970 to 2.852 eV with increasing the nanocomposite content confirmed the emergence of new electronic states. Furthermore, the nature of the transitions changed from direct allowed for pure poly‐TPD to direct forbidden upon incorporation of the nanocomposites. The inclusion of the nanocomposites also led to a decrease in refractive index and fluorescence intensity. The observed fluorescence quenching primarily exhibited dynamic characteristics, with a Stern–Volmer constant of 5.14 L/g and quenching rate constants surpassing the minimum threshold for efficient quenching. The increase in charge transfer rate constants with the nanocomposite content indicated enhanced quenching efficiency and charge transfer, likely due to the increased surface area and presence of defects. These findings suggest that poly‐TPD incorporated with ZnO/MWCNT nanocomposites displays promising properties for applications in optoelectronic devices.