Flexible and semitransparent organic solar cells (OSCs) have been regarded as the most promising photovoltaic devices for the application of OSCs in wearable energy resources and building‐integrated photovoltaics. Therefore, the flexible and semitransparent OSCs have developed rapidly in recent years through the synergistic efforts in developing novel flexible bottom or top transparent electrodes, designing and synthesizing high performance photoactive layer and low temperature processed electrode buffer layer materials, and device architecture engineering. To date, the highest power conversion efficiencies have reached over 10% of the flexible OSCs and 7.7% with average visible transmittance of 37% for the semitransparent OSCs. Here, a comprehensive overview of recent research progresses and perspectives on the related materials and devices of the flexible and semitransparent OSCs is provided.