The properties of a conjugated copolymer (CP), poly[(9,9-Dioctyl-2,7-divinylenefluorenylene)-alt-co-(2-methoxy-5-(2-ethylhexyloxy)-1,4-phenylene) (PDVF-co-MEH-PV), were investigated in the presence of graphene oxide (GO) and reduced graphene oxide (rGO) using absorption, fluorescence, laser, and time-resolved spectroscopy. CPs are usually dissolved in low-polar solvents. Although GO does not dissolve well, rGO and PDVF-co-MEH-PV dissolve in chloroform due to their oxygen acceptor sites. Hence, we studied rGO/PDVF-co-MEH-PV (CP/rGO), performing all experiments and simulations in chloroform. We performed simulations on PDVF-co-MEH-PV, approximate GO, and rGO using time-dependent density-functional theory calculations to comprehend the molecular dynamics and interactions at the molecular level. The simulation polymer used a tail-truncated oligomer model with up to three monomer units. The simulation and experimental results were in agreement. Further, the PDVF-co-MEH-PV exhibited fluorescence, laser quenching, rGO-mediated laser blinking, and spectral broadening effects when GO and rGO concentrations increased. The experimental and simulation results were compared to provide a plausible mechanism of interaction between PDVF-co-MEH-PV and rGO. We observed that for lower concentrations of rGO, the interaction did not considerably decrease the amplified spontaneous emissions of PDVF-co-MEH-PV. However, the fluorescence of PDVF-co-MEH-PV was considerably quenched at higher concentrations of rGO. These results could be helpful for future applications, such as in sensors, solar cells, and optoelectronic device design. To demonstrate the sensor capability of these composites, a paper-based sensor was designed to detect ethanol and nitrotoluene. An instrumentation setup was proposed that is cheap, reusable, and multifunctional.