Over the past 20 years, significant progress has been made in organic photovoltaics (OPVs) due to its advantages of being cost-effective, being lightweight, and having flexible manufacturability. The optical-active layer of OPVs consists of a p-type polymer as the donor and an n-type small molecule as the acceptor. An efficient design strategy of a polymer donor is based on an alternating electron-donating unit (D) and an electron-accepting unit (A). Among numerous electron-accepting units, an emerging annelated thiophene of benzodithiophenedione (BDD) has exhibited a distinguished photovoltaic performance because of its planar molecular structure, low-lying highest occupied molecular orbit (HOMO) level and good self-assembly property. In this review article, we summarize the most recent developments in BDD-based photovoltaic materials. Special attention is paid to the chemical structure-property relationships, such as the absorption, bandgap, energy levels, mobilities, and photovoltaic performances. The empirical regularities and perspectives on the future development of BDD-based photovoltaic materials are included.