Flexible organic solar cells (OSCs) were fabricated on an indium-tin-oxide (ITO)/poly(ethylene terephthalate) (PET) substrate and were subjected to bending tests with various bending radii. We observed that the photovoltaic properties of the OSCs precipitously deteriorated at a bending radius ≤ 0.75 cm. In order to investigate the effects of the bending test, the changes in the surface morphology and the sheet resistance of the ITO-coated PET samples were investigated, and the photovoltaic properties of bent and unbent OSCs were evaluated. Thereafter, equivalent circuits for the OSCs were assumed and the change in their parameters, such as resistance and capacitance, was observed.