Ideal hole transporting polymers used in quantum dot (QD) light‐emitting diodes (QLEDs) should possess the features such as high conductivities and stabilized highest occupied molecular orbitals (HOMOs). Herein, an efficient polymer (named CNPr‐TFB) is achieved by rationally adding a relatively weak electron‐withdrawing group (2‐cyanopropan‐2‐yl, CNPr) on a TFB like hole transporting polymer. CNPr‐TFB exhibits a superior hole conductivity and much more stabilized HOMO in comparison with TFB. Therefore, much more holes are delivered into the QD emissive layers and a balanced recombination of electron and hole in the QLEDs is achieved. The external quantum efficiencies of the red, green, blue, and white QLEDs made by CNPr‐TFB as the hole transporting layer (HTL) are 20.7%, 16.6%, 11.3%, and 15.0%, respectively, which are increased by 1.4–2.3 times in comparison with those of devices based on the commonly used TFB HTL. Meanwhile, the CNPr‐TFB‐based QLEDs also exhibit longer operation lifetimes than those of devices using the TFB HTL. These results confirm that CNPr‐TFB with the features of high conductivity and stabilized HOMO can be an excellent HTL material for the QLED applications