The bulk photovoltaic effect observed in ferroelectric materials can enable photovoltaic performance beyond the Shockley–Queisser limit of efficiency. This requires the use of ferroelectrics with strong polarization and low bandgap ( Eg) that are typically contradictory in the common perovskite oxides ferroelectrics. Here, we use first-principles calculations to study the KNbO3–K(Ti0.5Mo0.5)O3 (KNTM) solid solutions as possible narrow-gap ferroelectric materials. KTM, the end-member of the recently discovered KNTM solid solution system, maintains a ferroelectric polarization similar to that of other K-based systems due to its d0 configuration at the B-site. The substitution of Nb in KTM reduces Eg from 2.9 of KTM to 1.83 eV for an unstrained system and 1.7 eV for a compressively strained system, while maintaining ferroelectricity. The combination of narrow Eg, strong ferroelectricity, low toxicity, and abundance of the constituent elements make Nb-substituted KTM a promising candidate material for photoferroelectric applications.