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Semitransparent polymer solar cells (ST-PSCs) show attractive potential in power-generating windows or building-integrated photovoltaics. However, the development of ST-PSCs is lagging behind opaque PSCs because of the contradiction between device efficiency and transmission. Herein, Ag/Au alloy nanoparticles and photonic crystals (PCs) were simultaneously introduced into ST-PSCs, acting compatibly as localized surface plasmon resonances and distributed Bragg reflectors to enhance light absorption and transmission. As a result, ST-PSCs based on a hybrid PTB7-Th:PCBM active layer contribute an efficiency as high as 7.13 ± 0.15% and an average visible transmission beyond 20%, which are superior to most of the reported results. Furthermore, PCs can partly compensate valley range of transmission by balancing reflection and transmission regions, yielding a high color rendering index of 95. We believe that the idea of two light management methods compatibly enhancing the performance of ST-PSCs can offer a promising path to develop photovoltaic applications.