Nanofibers (average diameter of ≈150–160 nm) consisting of both binary and ternary bulk heterojunction organic photovoltaic (BHJ‐OPV) donor‐acceptor pairs poly(3‐hexylthiophene):phenyl‐C61‐butyric acid methyl ester (P3HT:PC61BM) and (P3HT/PTB7:PC61BM) are produced in a coaxial electrospinning process. Thick (≈260 nm) BHJ‐OPV devices are fabricated by incorporating the nanofibers. Compared to thin (140 nm) P3HT:PC61BM binary devices, thick devices with P3HT:PC61BM nanofibers achieve an improved performance, i.e., an improvement from 65.15 to 73.24% in filling factor (FF), from 3.32 to 4.71% in power conversion efficiency (PCE), and from 8.51 to 11.09 mA cm−2 in short‐circuit current density (Jsc); while compared to thin P3HT/PTB7:PC61BM ternary devices, thick devices with P3HT/PTB7:PC61BM nanofibers show an improvement from 5.1 to 5.68% in PCE, from 12.51 to 14.74 mA cm−2 in Jsc, and a decrease from 66.83 to 63.55% in FF. The improved performance is attributed to an enhanced optical absorption induced by prolonged light absorption path due to scattering from nanofibers, a favorable nanomorphology with optimum crystallinity of P3HT/PTB7 and their good mixing with PC61BM, as well as an increased in‐plane alignment of P3HT and PTB7 polymer chains for efficient exciton dissociation and carrier extraction, and improved charge transport in the vertical direction.