Comprehensive SummaryNear‐infrared (NIR)‐absorbing polymerized small molecule acceptors (PSMAs) based on a Y‐series backbone (such as PY‐IT) have been widely developed to fabricate efficient all‐polymer solar cells (all‐PSCs). However, medium‐bandgap PSMAs are often overlooked, while they as the third component can be expected to boost power conversion efficiencies (PCEs) of all‐PSCs, mainly due to their up‐shifted lowest unoccupied molecular orbital (LUMO) energy level, complimentary absorption, and diverse intermolecular interaction compared to the NIR‐absorbing host acceptor. Herein, an IDIC‐series medium‐bandgap PSMA (P‐ITTC) is developed and introduced as the third component into D18/PY‐IT host, which can not only form complementary absorption and cascade energy level, but also finely optimize active layer morphology. Therefore, compared to the D18/PY‐IT based parental all‐PSCs, the ternary all‐PSCs based on D18/PY‐IT:P‐ITTC obtain an increased exciton dissociation, charge transport, carrier lifetime, as well as suppressed charge recombination and energy loss. As a result, the ternary all‐PSCs achieve a high PCE of 17.64% with a photovoltage of 0.96 V, both of which are among the top values in layer‐by‐layer typed all‐PSCs. This work provides a method for the design and selection of the medium‐bandgap third component to fabricate efficient all‐PSCs.