We introduce a four-variable index polynomial invariant of long virtual knots that is non-trivial for many long virtual knots, but is trivial for classical knots so that it is an extension of a one-variable index polynomial invariant introduced in [A polynomial invariant of long virtual knots, European J. Combin.30 (2009) 1289–1296]. We give various properties of this polynomial and examples. Also, we use this polynomial invariant for long virtual knots to distinguish virtual knots, and we obtain a polynomial invariant for long flat virtual knots which is very useful to determine whether long flat virtual knots are invertible or not.