Singlet-singlet ͑S-S͒ and singlet-triplet ͑S-T͒ exciton annihilation was studied in poly͑3-2Ј-methoxy5Јoctylphenyl͒thiophene films. For the S-S exciton annihilation studies, transient absorption spectroscopy at excitation laser pulse fluences of 1.2ϫ 10 13 -4.4ϫ 10 14 photons/ cm 2 and 2.5 kHz pulse repetition rate was applied. The obtained kinetics demonstrate a typical nonexponential character with intensity-dependent amplitudes and lifetimes. In time-resolved fluorescence experiments, low excitation pulse fluences of 1.6 ϫ 10 9 -2.2ϫ 10 12 photons/ cm 2 at high repetition rates of 0.4, 0.8, 4, and 81 MHz lead to S-T exciton annihilation as a result of triplet exciton accumulation. S-T annihilation kinetics results in monoexponential decay of the fluorescence kinetics and manifests itself as a decrease of the singlet exciton lifetime. The calculated time-independent S-S and S-T exciton annihilation rates strongly support the conclusion that the processes are controlled by the interchain diffusion of singlet excitons. Despite the low efficiency of S-T annihilation compared to that of S-S annihilation, it has a substantial effect on the singlet exciton lifetime due to a relatively long triplet lifetime ͑60 s͒. Thus, even optical excitation with low fluence at high pulse repetition rate creates a significant concentration of triplet states that efficiently quenches singlet excitons.