A recently synthesized cationic water-soluble poly(fluorenevinylene-co-phenylenevinylene) was studied by means of steady state and femtosecond time resolved upconversion spectroscopy in aqueous and EtOH solutions. Steady state spectroscopic measurements showed that the polymer emits at the blue-green spectral region and that aggregates are formed in concentrated polymer solutions. The fluorescence dynamics of the polymer in concentrated solutions, studied at a range of emission wavelengths, exhibited a wavelength dependent and multiexponential decay, indicating the existence of various decay mechanisms. Specifically, a rapid decay at short emission wavelengths and a slow rise at long wavelengths were observed. Both features reveal an energy transfer process from isolated to aggregated chains. The contribution of the energy transfer process as well as of the isolated chains and the aggregates on the overall fluorescence decay of the polymer was determined. The dependence of the energy transfer rate and efficiency on polymer concentration was also examined.