We report the phase behavior of amorphous/semicrystalline conjugated polymer blends composed of low bandgap poly[2,6-(4,4-bis(2-ethylhexyl)-4H-cyclopenta [2,1-b;3,4-b′]dithiophene) -alt-4,7(2,1,3-benzothiadiazole)] (PCPDTBT) and 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)). As usual in polymer blends, these two polymers are immiscible because ΔSm ≈ 0 and ΔHm > 0, leading to ΔGm > 0, in which ΔSm, ΔHm, and ΔGm are the entropy, enthalpy, and Gibbs free energy of mixing, respectively. Specifically, the Flory–Huggins interaction parameter (χ) for the PCPDTBT /P(NDI2OD-T2) blend was estimated to be 1.26 at 298.15 K, indicating that the blend was immiscible. When thermally analyzed, the melting and crystallization point depression was observed with increasing PCPDTBT amounts in the blends. In the same vein, the X-ray diffraction (XRD) patterns showed that the π-π interactions in P(NDI2OD-T2) lamellae were diminished if PCPDTBT was incorporated into the blends. Finally, the correlation of the solid-liquid phase transition and structural information for the blend system may provide insight for understanding other amorphous/semicrystalline conjugated polymers used as active layers in all-polymer solar cells, although the specific morphology of a film is largely affected by nonequilibrium kinetics.