Novel functionalized poly(p-phenylene ethynylene)s (PPEs) bearing facially amphiphilic cholic and deoxycholic acid units are synthesized by a Pd-catalyzed Sonogashira cross-coupling reaction. Some interesting properties, particularly their optical and self-assembly characteristics, are unraveled. The PPEs that carry bile acid substituents exhibit remarkable solvatochromism in a wide range of solvent systems, and judicious choice of the solvents can adjust the size and morphology of the formed nanoscale supramolecular aggregates. The incorporation of these naturally occurring building blocks can also impart biocompatibility to the conjugated system and stimulate the growth of living cells.