Phase diagrams of n-type low bandgap poly{(N,N′-bis(2-octyldodecyl)naphthalene -1,4,5,8-bis(dicarboximide)-2,6-diyl)-alt-5,5′,-(2,2′-bithiophene)} (P(NDI2OD-T2)) solutions and blends were constructed. To this end, we employed the Flory–Huggins (FH) lattice theory for qualitatively understanding the phase behavior of P(NDI2OD-T2) solutions as a function of solvent, chlorobenzene, chloroform, and p-xylene. Herein, the polymer–solvent interaction parameter (χ) was obtained from a water contact angle measurement, leading to the solubility parameter. The phase behavior of these P(NDI2OD-T2) solutions showed both liquid–liquid (L–L) and liquid–solid (L–S) phase transitions. However, depending on the solvent, the relative position of the liquid–liquid phase equilibria (LLE) and solid–liquid phase equilibria (SLE) (i.e., two-phase co-existence curves) could be changed drastically, i.e., LLE > SLE, LLE ≈ SLE, and SLE > LLE. Finally, we studied the phase behavior of the polymer–polymer mixture composed of P(NDI2OD-T2) and regioregular poly(3-hexylthiophene-2,5-dyil) (r-reg P3HT), in which the melting transition curve was compared with the theory of melting point depression combined with the FH model. The FH theory describes excellently the melting temperature of the r-reg P3HT/P(NDI2OD-T2) mixture when the entropic contribution to the polymer–polymer interaction parameter (χ = 116.8 K/T − 0.185, dimensionless) was properly accounted for, indicating an increase of entropy by forming a new contact between two different polymer segments. Understanding the phase behavior of the polymer solutions and blends affecting morphologies plays an integral role towards developing polymer optoelectronic devices.