Highly fluorescent nanoparticles of the conjugated polymer poly(9,9-dioctylfluorene) (PFO) with distinct phases were prepared, and their photophysical properties were studied by steady state and time-resolved fluorescence spectroscopy. An aqueous suspension of PFO nanoparticles prepared by a reprecipitation method was observed to exhibit spectroscopic characteristics consistent with the glassy phase of the polymer. We demonstrate that controlled addition of organic solvent leads to partial transformation of the disordered polymer chains into the planarized conformation (beta-phase), with the fractions of each component phase dependent on the amount of solvent added. Fluorescence spectroscopy of the PFO nanoparticles containing beta-phase indicates efficient energy transfer from the glassy-phase regions of the nanoparticles to the beta-phase regions. Salient features of the nanoparticles containing beta-phase include narrow, red-shifted fluorescence and increased fluorescence quantum yield as compared to the glassy-phase nanoparticles. Fluorescence lifetime measurements indicate that the increased quantum yield of the beta-phase PFO originates from a decrease in the nonradiative decay rate, with little change in the radiative rate. This decrease is likely due to exciton trapping by the beta-phase, which leads to a reduction in the energy transfer efficiency to quencher species present within the nanoparticle.