Unique characteristics such as quenching of photoluminescence and improvement of photovoltaic effect were observed in acceptor polymer, (cyano-substituted poly (p-phenylene vinylene)), CN-PPV/donor polymer (poly(3-hexylthiophene), P3HT composites. By taking account of the difference in electronic energy states of both CN-PPV and P3HT, these characteristics are interpreted in terms of photoinduced charge transfer between CN-PPV and P3HT and formation of fractal network.