The luminescence efficiency of conjugated polymers has been a central topic in the study of light emitting. The effect of disorder plays an important role in generating excitons after the conjugated polymers have been excited by photons. In this paper, by using the Su-Schriffer-Heeger model, which has been modified to include intrachain disorder and electron correlation, we investigate the effects of disorder on the photoexcitation, especially on the yield of excitons in a conjugated polymer chain. We adopt the multi-configurational time-dependent Hartree–Fock method to solve the multi-electron time-dependent Schrödinger equation and the Newtonian equation of motion for the lattice vibration. The results show that after the photoexcitation relaxation process, the products of the disordered polymer chain are qualitatively distinct from those of the pure polymer chain. While the pairs of polarons can be generated directly after the photoexcitation in a pure polymer chain, the disorder favors excitons as the products of the photoexcitation, and the yield of excitons depends crucially on the kind and strength of the disorder. Furthermore, the influences of the electron correlation and the conjugation length on the yield of excitons are also discussed. Specifically, we find that in the case of diagonal disorder, when the conjugation length is short and the diagonal disorder is weak, the excitons are mainly generated by the recombination of two lattice defects with a high yield of excitons which will be reduced as the conjugation length increases. The excitons tend to be generated directly with a low yield of excitons which is enlarged as the disorder gets stronger when the conjugation length is long or the diagonal disorder is strong. The on-site Coulomb repulsion favors the generation of excitons as well. The case of off-diagonal disorder is similar to that of diagonal disorder except that the on-site Coulomb potential favors the generation of excitons in the weak disorder regime but depresses the generation of excitons in the strong disorder regime. When both diagonal and off-diagonal disorders are considered, the yield of excitons is dominated by the off-diagonal disorder. We hope that our investigations can provide useful guidance and help for designing organic photoelectric materials and devices.