The effect of solvents on the absorption and emission spectra of 1,4-bis(5-phenyl-2-oxazolyl)benzene (POPOP) laser dye has been studied in various solvents at 298 K. A bathochromic shift was observed in absorption and fluorescence spectra upon increase of solvent polarity, which indicates that this transition is π-𝜋∗. The ground and excited state dipole moments were calculated as 2.23 and 6.34 Debye, respectively. The dye solution in MeOH, n-heptane, and methyl isobutyl ketone gives laser emission in the blue region upon excitation by a 337.1 nm nitrogen pulse; the gain coefficient and emission cross section as well as normalized photostability have been determined. Excitation energy transfer from POPOP to rhodamine B and fluorescine was studied to improve the laser emission from these dyes. Such an energy transfer dye laser system (ETDL) obeys a long range columbic energy transfer mechanism with a critical transfer distance, R0, of 25 and 33 Å and kq equal to 10.4×1012 and 26.2×1012M−1s−1 for the POPOP/RB and POPOP/fluorescine pair, respectively. The POPOP dye is highly photostable in polar protic and polar aprotic solvents, while it displays photodecomposition in chloromethane solvent via formation of a contact ion pair. The photochemical quantum yield and rate of photodecomposition depend on the electron affinity of solvent.