Experimental researchers have found that the organic solar cell (OSC) based on DRCN5T (an oligothiophene) possesses excellent power conversion efficiency (PCE) of 10.1%. However, to date, there have been few studies about halogenation of DRCN5T, and its effects on photovoltaic properties of halogenated DRCN5T are still not clear. In the present work, we first perform benchmark calculations and effectively reproduce experimental results. Then, eight halogenated DRCN5T molecules are designed and investigated theoretically by using density functional theory (DFT) and time-dependent DFT. The dipole moments, frontier molecular orbital energies, absorption spectra, exciton binding energy (Eb), singlet–triplet energy gap (ΔEST), and electrostatic potential (ESP) of these molecules, and the estimated open circuit voltages (VOCs) of the OSCs with PC71BM as acceptor are presented. We find that (1) generally, halogen substitutions would increase VOC; (2) Eb rises with more fluorine substitutions, but for Cl and Br substitutions, Eb increases firstly and then drops; (3) ΔEST keeps increasing with more halogen substitutions; (4) except for Br substitutions, the averaged ESP arises along with more halogen substitutions; (5) the absorption strength of UV–Vis spectra of DRCN5T2F, DRCN5T4F, DRCN5T6F, and DRCN5T2Cl in the visible region is enhanced with respect to DRCN5T. Based on these results, overall, DRCN5T2Cl, DRCN5T4F, and DRCN5T6F may be promising donors.