New bis(α-diketones) containing thiophene and dibenzothiophene groups were synthesized. Via the reaction of these monomers with aromatic tetramines under high-temperature polycondensation conditions, a series of new polyphenylquinoxalines combining high thermal and mechanical characteristics with solubility in organic solvents were prepared. Polyphenylquinoxalines exhibit intense fluorescence in solution and in thin films with maxima in the region of 432–522 and 450–530 nm in the case of thiophene-containing and dibenzothiophene derivatives, respectively.