Ternary organic solar cells (OSCs), which blend two donors and fullerene derivatives with different absorption ranges, are a promising potential strategy for high‐power conversion efficiencies (PCEs). In this study, inverted ternary OSCs are fabricated by blending a highly crystalline small molecule BDT‐3T‐CNCOO in a low band gap polymer PBDTTT‐C‐T:PC71BM. As the small molecule is introduced, the overall PCEs increase from 7.60% to 8.58%. The morphologies of ternary blends are studied by combining transmission electron microscopy and X‐ray scattering techniques at different length scales. Hierarchical phase separation is revealed in the ternary blend, which is composed of domains with sizes of ≈88, ≈50, and ≈20 nm, respectively. The hierarchical phase separation balances the charge separation and transport in ternary OSCs. As a result, the fill factors of the devices significantly improve from 58.4% to 71.6%. Thus, ternary blends show higher hole mobility and higher fill factor than binary blends, which demonstrates a facile strategy to increase the performance of OSCs.