Carbazole was oxidized by benzoyl peroxide in presence of p-toluenesulfonic acid to polycarbazole salt at room temperature for the first time. Polycarbazole salts were synthesized via solution and emulsion polymerization pathways. Polycarbazole bases were prepared by dedoping from polycarbazole salts. Formation of polycarbazoles was confirmed from infrared, electronic absorption and EDAX spectra. Polycarbazole salt was obtained in amorphous nature in semiconductor range (10(-5) S/cm), which was found to be soluble in less and high polar solvents. Polycarbazole salt prepared by emulsion polymerization pathway showed mixture of shapes with microrod, sphere, and pores, whereas its corresponding base showed only micropores structure. On the other hand, polycarbazole salt and its corresponding base prepared by solution polymerization pathway showed flake-like morphology. Higher thermal stability was obtained for polycarbazole salt prepared by emulsion polymerization pathway than that of the salt prepared by solution polymerization pathway.