Ternary strategy is an effective method to optimize photovoltaic process and improve device performance. In this work, a benzobisoxazole-based conjugated polymer PBBO was designed and employed as the guest component for PM6:BTP-eC9 based devices. The polymer PBBO shows a large band gap of 2.16 eV and strong photoluminescence property, with efficient energy transfer observed between PBBO and PM6. The ternary blends not only form a cascaded energy level distribution, but also an alloy-like structure, which can effectively promote the exciton dissociation, charge transfer and efficiently suppress charge recombination. As a result, the power conversion efficiency (PCE) of the ternary device is substantially improved from 17.50% to 18.66% with the incorporation of PBBO guest component. Meanwhile, the ternary device shows good stability with retaining 86% of initial efficiency after storage for 2000 hours. This research demonstrates that the polymer PBBO would be an excellent photovoltaic material to optimize the performance of polymer solar cells.