Here, we combine two strategies i.e., Förster resonance energy transfer and plasmonic effect, to enhance the photovoltaic performance in organic solar cells by introducing gold nanoparticles and squaraine in a binary mixture of poly(3-hexylthiophene):phenyl-C61-butyric acid methyl ester. In this configuration, the Förster resonance energy transfer between poly(3-hexylthiophene) and squaraine reduces the electrical loss arising from the exciton recombination in poly(3-hexylthiophene), while gold nanoparticles enable an efficient charge carrier generation in poly(3-hexylthiophene):squaraine mixture as optically confirmed by photoluminescence measurement and transient absorption spectroscopy. The multicomponent organic solar cells demonstrate an enhancement of ~36% in power conversion efficiency over the reference device.