The use of mixed solvents provided an effective way to control the self-assembly behavior and photophysical properties of a conjugated rod-coil block copolymer, poly(3-hexylthiophene)-b-poly(ethylene oxide) (P3HT-b-PEO). It was shown that the balance between the p-p stacking of the P3HT and microphase separation of the copolymer could be dynamically controlled and shifted by solvent blending. Depending on the mixed solvent ratio (i.e., chloroform/methanol, anisole/chloroform, or anisole/methanol), the copolymer chains experienced different kinetic pathways, yielding a series of nanostructures such as disordered wormlike pattern, densely packed nanofibrils, and isolated nanofibrils. With the varying solvent selectivity, the P3HT-b-PEO chains displayed a hybrid photophysical property depending on the competition between intrachain and interchain excitonic coupling, resulting in the transformation between J-and H-aggregation. Overall, this work offered an effective way to demonstrate the correlation and transformation between p-p stacking of P3HT and microphase separation, and how the conformation of P3HT chains influenced the photophysical properties of the copolymer during solvent blending.