Two novel donor-acceptor copolymers were synthesized by Sonogashira cross-coupling of alkyl/alkoxy thiophene and dibromo-substituted squaraine moieties. The structures and properties of these polymers were characterized using FT-IR, NMR, UV-Vis, gel permeation chromatography, and cyclic voltammetry. Both copolymers are readily soluble in common organic solvents. The polymer films exhibit broad absorption in the wavelength range from 300 to 1000 nm with the maximum peaks over 750 nm. Electrochemical studies reveal that the band gaps of the polymers range from 1.05 to 1.36 eV. Compared to the alkyl thiophene, the alkoxy thiophene units can effectively lower the band gap and result in significant red-shift absorption spectrum of the resulted polymer. The strong overlap of the solar spectrum and the extremely low band gaps of the polymers suggest that they may be promising candidates for solar cells.