Poly(2-ethynyl-N-iodopyridinium tetraphenylborate) (PEIP-TPB) was prepared via the ion-exchange reaction of poly(2-ethynyl-N-iodopyridinium iodide) by using sodium tetraphenylborate. The chemical structure of PEIP-TPB was characterized by such instrumental methods as IR, NMR, and UV-visible spectroscopies to have the conjugated backbone system with the designed N-iodopyridinium tetraphenylborate as substituents. The broad and weak absorption peak of pi -> pi* interband transition of polymer main chain starts around 800 nm in the optical absorption spectrum of polymer. The PEIP-TPB polymer shows different solubility behaviors with that of precursor polymer. This polymer were mostly soluble in such organic solvents as N,N-dimethylformamide, dimethylsulfoxide, N-methylpyrrolidine, etc. The polymer exhibited the gradual weight losses over the temperature of 132 degrees C.