A sulfenyl-substituted plolyacetylene, its production and use are disclosed. The process is carried out by connecting sulfenyl with benzene ring of plolyacetylene, mixing plolyacetylene with C60 or its derivative or other materials as electronic acceptor, coating onto the conductive glass to prepare a layer semi-transparent thin-membrane and preparing metal electrode by vacuum evaporation plating. It can be used for polymer solar battery or to prepare a single-layer or multi-layer polymer light-emitting diodes devices.