Multifunctional optical fiber-based neural interfaces have attracted significant attention for neural stimulation, recording, and photopharmacology towards understanding the central nervous system. In this work, we demonstrate the fabrication, optoelectrical characterization, and mechanical analysis of four types of microstructured polymer optical fiber neural probes using different soft thermoplastic polymers. The developed devices have integrated metallic elements for electrophysiology and microfluidic channels for localized drug delivery, and can be used for optogenetics in the visible spectrum at wavelengths spanning from 450 nm up to 800 nm. Their impedance, measured by electrochemical impedance spectroscopy, was found to be as low as 21 kΩ and 4.7 kΩ at 1kHz when indium and tungsten wires are used as the integrated electrodes, respectively. Uniform on-demand drug delivery can be achieved by the microfluidic channels with a measured delivery rate from 10 up to 1000 nL/min. In addition, we identified the buckling failure threshold (defined as the conditions for successful implantation) as well as the bending stiffness of the fabricated fibers. Using finite element analysis, we calculated the main critical mechanical properties of the developed probes to avoid buckling during implantation and maintain high flexibility of the probe within the tissue. Our results aim to demonstrate the impact of design, fabrication, and characteristics of the materials on the development of polymer fibers as next-generation implants and neural interfaces.