Over the past few years, conjugated polymers (CPs) have aroused much attention owing to their rigid conjugated structures, which can perform well in light harvesting and energy transfer and offer great potential in materials chemistry. In this article, we fabricate a new luminescent linear CP p(P[5](OTf)2-co-9,10-dea) via the Sonogashira coupling of 9,10-diethynylanthracene and trifluoromethanesulfonic anhydride (OTf) modified pillar[5]arene, generating enhanced yellow-green fluorescence emission at around 552 nm. The reaction condition was screened to get a deeper understanding of this polymerization approach, resulting in an excellent yield as high as 92% ultimately. Besides the optical properties, self-assembly behaviors of the CP in low/high concentrations were studied, where interesting adjustable morphologies from tube to sheet were observed. In addition, the fluorescence performance and structural architecture can be disturbed by the host–guest reorganization between the host CP and the guest adiponitrile, suggesting great potential of this CP material in the field of sensing and detection.