The femto-second time-resolved spectroscopy was performed on the heterojunction (HJ) solar cell which consists of prototypical low-band gap donor (D), poly[[4,8-bis[(2-ethylhexyl)oxy]benzo[1,2b:4,5-b 0 ] dithiophene-2,6-diyl][3-fluoro-2-[(2-ethylhexyl)carbonyl]thieno[3,4-b] thiophenediyl]] (PTB7), and the C 70 acceptor (A). We spectroscopically determined the absolute number of donor exciton (n DÃ), acceptor exciton (n AÃ), and carrier (n Dþ) per an absorbed photon against the delay time (t). At 300 K, we found that the decay time (s decay ¼ 3.5 ps) of A* is much longer than the carrier formation time (s form ¼ 1.1 ps), indicating that the late A* component does not contribute to the carrier formation process. The elongated s form (¼1.5 ps) at 80 K is ascribed to the exciton migration process, not to the exciton dissociation process. V