A copolymer bearing several pendent dyes (coumarin derivatives) along the side chain has been synthesized, and its fluorescence parameters have been monitored in pure solvents and also as a function of composition of binary solvent mixtures. Fluorescence parameters (the maximum energy of fluorescence, quantum yield, and rate constant for the decay of the excited state) of the free fluorophore show significant dependence on the nature of the immediate environment around it. The value of a parameter measured in neat solvent for the fluorophore covalently bound to the polymer is different from that of the free fluorophore, indicating that the polymer chain influences the spectroscopic properties of the dye. Whereas the energy of maximum fluorescence of the free fluorophore shows a nonlinear correlation with the solvent composition of solvent mixtures, an almost linear correlation has been observed for the polymer. A significant variation of photophysical parameters of the dye dissolved in binary solvent mixtures, which is different from that of the free fluorophore, has been observed. Thus, the free fluorophore and the fluorophore bound to the polymer sense different environments in binary solvent mixtures. A dramatic variation of fluorescence intensity of the fluorophore bound to the polymer has been observed when sodium dodecyl sulfate (SDS) is added to an aqueous solution of the polymer. The results have been explained in terms of the existence of different species (polymer, polymer-SDS aggregates, micelles) in equilibrium in solution.