The dynamics of the exciton generated by photoexcitation of a regioregular poly(3-hexylthiophene) (P3HT) polymer dispersed in a poly(methyl methacrylate) (PMMA) matrix was examined using electro-photoluminescence (E-PL) spectroscopy, where electric field effects on the photoluminescence (PL) spectra were measured. The quadratic electric-field effect was investigated using the modulation technique, with field-induced changes in the PL intensity monitored at the second harmonic of the modulation frequency of the applied electric field. Absorption and PL spectra indicated the formation of both ordered crystalline aggregates and amorphous regions of P3HT polymer chains. Although previous studies of electric field effects on π-conjugated polymers have generally shown that the PL intensity is decreased by electric fields, we report that the PL intensity of P3HT and PL lifetime increased with the quadratic electric-field effect. The magnitude of the change in PL intensity was quantitatively explained in terms of the field-induced decrease in the nonradiative decay rate constants of the exciton. We proposed that a delayed PL, originating from charge carrier recombination, was enhanced in the presence of electric fields. The rate constant of the downhill relaxation process of the exciton, which originated from the relaxation in distributed energy levels due to an inherent energetic disorder in P3HT aggregates, was implied to decrease in the presence of electric fields. The radiative decay rate constant and PL quantum yield of P3HT dissolved in solution, which were evaluated from the molar extinction coefficient and the PL lifetime, were compared with those of P3HT dispersed in a PMMA matrix.