There is growing interest in using organic (opto)electronic materials for applications in electronics and photonics. In particular, organic semiconductor thin films offer several advantages over traditional silicon technology, including low-cost processing, the potential for large-area flexible devices, high-efficiency light emission, and widely tunable properties through functionalization of the molecules. Over the past decade, remarkable progress in materials design and purification has been made, which led to applications of organic semiconductors in light-emitting diodes, polymer lasers, photovoltaic cells, high-speed photodetectors, organic thin-film transistors, holographic displays, and many others. Most of the applications envisioned for organic semiconductors rely on their (photo)conductive and/or luminescent properties. In this presentation, I will review the current state of the field and summarize our recent results on photoconductivity and photoluminescence of novel high-performance organic semiconductors.