In the current study, new carbazole‐based formazan dyes, D‐A and D‐π‐A, were synthesized, and their spectroscopic properties were studied for the first time. For this aim, carbazole aldehyde compounds were modified by the derivatization of carbazole, a natural electron‐donor compound, from 3‐ and 9‐position. Then, hydrazone derivatives were synthesized from these aldehyde derivatives. Finally, D‐A (5A–C) and D‐π‐A (6A–C) carbazole–formazan dyes were obtained by the interaction of the hydrazone compounds with p‐substituted aniline. After characterization of the structures of these compounds, photophysical properties of the carbazole–formazans were studied in the different polarity media (i.e., acetonitrile, toluene, and chloroform) in order to detect the solvent effects. Because of the π‐conjugated bridge and the electron acceptor nitro group at the para position, D‐π‐A structured carbazole–formazan dye 6C showed the highest Stokes shift of 155 nm.