Compared with conventional organic solar cells (OSCs) based on single donor–acceptor pairs, terpolymer‐ and ternary‐based OSCs featuring multiple donor–acceptor pairs are promising strategies for enhancing the performance while maintaining an easy and simple synthetic process. Using multiple donor–acceptor pairs in the active layer, the key photovoltaic parameters (i.e., short‐circuit current density, open‐circuit voltage, and fill factor) governing the OSC characteristics can be simultaneously or individually improved by positive changes in light‐harvesting ability, molecular energy levels, and blend morphology. Here, these three major contributions are discussed with the aim of offering in‐depth insights in combined terpolymers and ternary systems. Recent exemplary cases of OSCs with multiple donor–acceptor pairs are summarized and more advanced research and perspectives for further developments in this field are highlighted.