A new semiconducting polymer, poly((5,5‐E‐α‐((2‐thienyl)methylene)‐2‐thiopheneacetonitrile)‐alt‐2,6‐[(1,5‐didecyloxy)naphthalene])) (PBTADN), an alternating copolymer of 2,3‐bis‐(thiophene‐2‐yl)‐acrylronitrile and didecyloxy naphthalene, is synthesized and used as an active material for organic thin film transistors (OTFTs) and organic solar cells. The incorporation of 2,3‐bis‐(thiophene‐2‐yl)‐acrylronitrile as an electron deficient group and didecyloxy naphthalene as an electron rich group resulted in a relatively low bandgap, high charge carrier mobility, and finally good photovoltaic performances of PBTADN solar cells. Because of the excellent miscibility of PBTADN and PC71BM, as confirmed by Grazing Incident X‐ray Scattering (GIXS) measurements and Transmission Electron Microscopy (TEM), homogeneous film morphology was achieved. The maximum power conversion efficiency of the PBTADN:PC71BM solar cell reached 2.9% with a Voc of 0.88 V, a short circuit current density (Jsc) of 5.6 mA/cm2, and a fill factor of 59.1%. The solution processed thin film transistor with PBTADN revealed a highest saturation mobility of 0.025 cm2/Vs with an on/off ratio of 104. The molecular weight dependence of the morphology, charge carrier mobility, and finally the photovoltaic performances were also studied and it was found that high molecular weight PBTADN has better self assembly characteristics, showing enhanced performance. © 2010 Wiley Periodicals, Inc. J Polym Sci Part A: Polym Chem, 2011