We report on photoinduced charge transfer and energy transfer reactions using a new cyano-substituted naphthalene-vinylene type conjugated polymer. Optical absorption and emission spectra of thin films of mixtures of this polymer with the fullerene derivative 1 -(3-(methoxycarbonyl)propyl)- 1-phenyl-(6,6)C-61 (PCBM) exhibit several interesting features such as luminescence quenching and polaronic photoinduced absorption (PIA) of charges indicating photoinduced charge transfer. On the other hand this new polymer exhibits energy transfer phenomena in blends with MDMO-PPV (poly((2-methoxy-5-((3,7-dimethyloctyl)oxy)- 1,4-phenylene)vinylene)). Photovoltaic devices and light emitting diode (LED) devices have been fabricated and characterized using this novel conjugated polymer in composite with fullerenes and MDMO-PPV's, respectively.