The quest for sustainable energy sources has led to accelerated growth in research of organic solar cells (OSCs). A solution‐processed bulk‐heterojunction (BHJ) OSC generally contains a donor and expensive fullerene acceptors (FAs). The last 20 years have been devoted by the OSC community to developing donor materials, specifically low bandgap polymers, to complement FAs in BHJs. The current improvement from ≈2.5% in 2013 to 17.3% in 2018 in OSC performance is primarily credited to novel nonfullerene acceptors (NFA), especially fused ring electron acceptors (FREAs). FREAs offer unique advantages over FAs, like broad absorption of solar radiation, and they can be extensively chemically manipulated to tune optoelectronic and morphological properties. Herein, the current status in FREA‐based OSCs is summarized, such as design strategies for both wide and narrow bandgap FREAs for BHJ, all‐small‐molecule OSCs, semi‐transparent OSC, ternary, and tandem solar cells. The photovoltaics parameters for FREAs are summarized and discussed. The focus is on the various FREA structures and their role in optical and morphological tuning. Besides, the advantages and drawbacks of both FAs and NFAs are discussed. Finally, an outlook in the field of FREA‐OSCs for future material design and challenges ahead is provided.