Two new random terpolymers containing 4,8‐bis(5‐(2‐ethylhexyl)thiophen‐2‐yl)benzo[1,2‐b:4,5‐b′]dithiophene (BDT) as a donating unit, methyl‐3‐thiophenecarboxylate (3MT) as a weak accepting unit, and the more electron‐deficient benzo[c][1,2,5]thiadiazole (BTz) or 5,5′‐bis(2‐ethylhexyl)‐4H,4′H‐1,1′‐bithieno[3,4‐c]pyrrole‐4,4′,6,6′(5H,5′H)‐tetraone (BiTPD) unit as a third monomer (respectively yielding 3MTB and 3MTT) were synthesized in order to achieve improved physical and optoelectronic properties relative to the 3MT‐Th copolymer bearing only BDT and 3MT. The UV–vis absorption spectra and optical bandgap energies of these terpolymers were broader and smaller than those of the 3MT‐Th copolymer. In thin films, the terpolymers displayed the face‐on polymer chain orientation, indicating that the BTz or BiTPD unit in the terpolymer backbones did not affect the molecular arrangement on the substrate. In comparison with 3MT‐Th‐based polymer solar cells (PSCs) as control devices, the PSCs employing blend films of these terpolymers as the donor and 2,2′‐[[6,6,12,12‐Tetrakis(4‐hexylphenyl)‐6,12‐dihydrodithieno[2,3‐d:2′,3′‐d′]‐s‐indaceno[1,2‐b:5,6‐b′]dithiophene‐2,8‐diyl]bis[methylidyne(3‐oxo‐1H‐indene‐2,1(3H)‐diylidene)]]bis[propanedinitrile] (ITIC) as the acceptor exhibited higher power conversion efficiencies (>8.0%) for the same device configuration. In addition, the 3MTB‐ and 3MTT‐based PSC devices displayed excellent shelf‐life even after aging for over 1000 h. © 2018 Wiley Periodicals, Inc. J. Polym. Sci., Part A: Polym. Chem. 2018, 56, 1528–1535