A new terphenylenevinylene carbazylenevinylene alternating copolymer with the advantage of poly(p-phenylenevinylene) (PPV), poly(p-phenylene )(PPP) and poly(carbazole) was designed, synthesized and characterized. The polymer structure was confirmed by various spectroscopic analyses and the number average molecular weight ($M_n$) of the obtained polymer was 7,800. The resulting polymer was thermally stable with high glass transition temperature ($T_g$) ($150^{circ}C$), and was readily soluble in common organic solvents. Cyclic voltammetry study revealed that the HOMO and LUMO energy levels of the polymer were 5.37 and 2.47 eV, respectively. The ITO/PEDOT/polymer/AI device fabricated from the polymer emitted bright sky blue light with a maximum peak of around 478 nm. The device showed the maximum brightness of 1,200 nW with a turn-on voltage of 7V.