The multiresponsive behavior of functionalized water-soluble conjugated polymers (CPs) is presented with potential applications for sensors. In this study, we investigated the aqueous solubility behavior of water-soluble CPs with high photoluminescence and with a particular focus on their pH and temperature responsiveness. For this purpose, two poly(phenylene vinylene)s (PPVs)—namely 2,5-substituted PPVs bearing both carboxylic acid and methoxyoligoethylene glycol units—were investigated, with different amount of carboxylic acid units. Changes in the pH and temperature of polymer solutions led to a response in the fluorescence intensity in a pH range from 3 to 10 and for temperatures ranging from 10 to 85 °C. Additionally, it is demonstrated that the polymer with the largest number of carboxylic acid groups displays upper critical solution temperature (UCST)-like thermoresponsive behavior in the presence of a divalent ion like Ca2+. The sensing capability of these water-soluble PPVs could be utilized to design smart materials with multiresponsive behavior in biomedicine and soft materials.