Single-walled carbon nanotubes (SWCNTs) have received extensive research attention owing to their extraordinary optical, electrical, and mechanical properties, which make them particularly attractive for application in optoelectronic devices. However, SWCNTs are insoluble in almost all solvents. Therefore, developing methods to solubilize SWCNTs is crucial for their use in solution-based processes. In this study, we developed a photocleavable polythiophene-derivative polymer dispersant for SWCNTs. The noncovalent surface functionalization of SWCNTs with a polymer allows their dispersal in tetrahydrofuran. The resultant solution-processed polymer/SWCNT composite film undergoes a hydrophobic-to-hydrophilic change in surface properties upon light irradiation (313 nm) because hydrophilic carboxyl groups are formed upon photocleavage of the hydrophobic solubilizing units in the polymer. Furthermore, the photocleaved composite film displays a 38-fold increase in electrical conductivity. This is due to the removal of the solubilizing unit, which is electrically insulating.