Recent developments in conjugated polymer-based photovoltaic elements have been reviewed. The photophysics of such photoactive devices is based on the photoinduced electron transfer from donor-type semiconducting conjugated polymers onto acceptor-type conjugated polymers or acceptor molecules such as Buckminsterfullerene, C 60. Photoinduced electron transfer in solid composite films of fullerenes embedded into conjugated polymers is reversible, ultrafast (within 300 fs) with a quantum efficiency approaching unity, and metastable. Similar to the first step in natural photosynthesis, this photoinduced electron transfer leads to a number of potentially interesting applications, which include sensitization of the photoconductivity and photovoltaic phenomena. Furthermore, using the conjugated polymer donors in polymer blends with another conjugated polymer acceptor, similar photovoltaic elements have been realized. Examples of photovoltaic architectures are discussed with their potential in terrestrial solar energy conversion.