Four novel conjugated polymers ( P1‐4 ) with 9,10‐disubstituted phenanthrene (PhA) as the donor unit and 5,6‐bis(octyloxy)benzothiadiazole as the acceptor unit are synthesized and characterized. These polymers are of medium bandgaps (2.0 eV), low‐lying HOMO energy levels (below −5.3 eV), and high hole mobilities (in the range of 3.6 × 10−3 to 0.02 cm2 V−1 s−1). Bulk heterojunction (BHJ) polymer solar cells (PSCs) with P1‐4 :PC71BM blends as the active layer and an alcohol‐soluble fullerene derivative (FN‐C60) as the interfacial layer between the active layer and cathode give the best power conversion efficiency (PCE) of 4.24%, indicating that 9,10‐disubstituted PhA are potential donor materials for high‐efficiency BHJ PSCs.