The organic material 4,4′‐bis[(N‐carbazole)styryl]biphenyl (BSBCz) is an excellent gain medium for laser devices. However, BSBCz laser output quickly degrades during photoexcitation, which is an issue that must be overcome before it can be used for practical applications. In this study, the photodegradation mechanisms of BSBCz are investigated with the aim of enhancing its excited‐state stability. The photodegradation of BSBCz is attributed to instability of the triplet excited states that would occasionally decompose into other species. This decomposition reduces absorption and introduces exciton quenchers. Incorporating the triplet managing material 9,10‐di(naphtha‐2‐yl)anthracene (ADN) into BSBCz films greatly improves photoluminescence and amplified spontaneous emission stability because of the effective removal of the unstable triplets by ADN. This triplet managing method makes it possible to increase operational stability for BSBCz‐based organic light‐emitting diodes. Therefore, these results will contribute toward the fabrication of stable optically and electrically pumped organic laser diodes.