Bandgap and energy levels are crucial for developing new electronic and photonic devices because photoabsorption is highly dependent on the bandgap. Moreover, the transfer of electrons and holes between different materials depends on their respective bandgaps and energy levels. In this study, we demonstrate the preparation of a series of water-soluble discontinuously π-conjugated polymers through the addition–condensation polymerization of pyrrole (Pyr), 1,2,3-trihydroxybenzene (THB) or 2,6-dihydroxytoluene (DHT), and aldehydes, including benzaldehyde-2-sulfonic acid sodium salt (BS) and 2,4,6-trihydroxybenzaldehyde (THBA). To control the energy levels of the polymers, varying amounts of phenols (THB or DHT) were introduced to alter the electronic properties of the polymer structure. The introduction of THB or DHT into the main chain results in discontinuous conjugation and enables the control of both the energy level and bandgap. Chemical modification (acetoxylation of phenols) of the polymers was employed to further tune the energy levels. The optical and electrochemical properties of the polymers were also investigated. The bandgaps of the polymers were controlled in the range of 0.5–1.95 eV, and their energy levels could also be effectively tuned.