A new processable, high molecular weight, low bandgap poly(2,7-carbazole) derivative (PCBTDPP), namely poly[N-9'-heptadecanyl-2,7-carbazole-alt-3,6- bis(thiophen-5-yl)-2,5-dioctyl-2,5-dihydropyrrolo[3,4-]pyrrole-1,4-dione], was studied for photovoltaic applications. This polymer combines a high glass transition temperature, good solubility, relatively high molecular weight, and air stability. Organic field-effect transistors were investigated and at room temperature, the hole mobility reaches 0.02 cm2 V-1 s-1 with an on/off ratio of 1.4 × 106. Preliminary results on the photovoltaic device based on PCBTDPP: PCBM bulk heterojunction give a power conversion efficiency of 1.6%. These results show that PCBTDPP is a promising polymer material for its use in field effect transistors and solar cells. Thermogravimetric analysis shows that the polymer exhibits good stability up to 430°C.