A new donor–acceptor-type poly[3-{5-[3,4-didodecyloxy-5-(1,3,4-oxadiazol- 2-yl)thiophen-2-yl]-1,3,4-oxadiazol-2-yl}-9-dodecyl-9H-carbazole] (P) has been synthesized through multistep reactions. The new polymer P exhibited good thermal stability and film-forming behavior. The electrochemical band gap is estimated to be 2.15 eV. The polymer emits intense green fluorescence in the solid state. Third-order nonlinear optical (NLO) studies showed that the strong absorptive nonlinearity observed for the polymer is of the optical limiting type, which is due to an “effective” three-photon absorption (3PA) process. This 3PA process can have potential applications in photonic devices. The studies revealed that the new polymer P is a promising material for development of efficient optoelectronic devices.