The performance of solar cells with a polymer:polymer bulk heterojunction (BHJ) structure, consisting of poly[4,8-bis(5-(2-ethylhexyl)thiophen-2-yl)benzo[1,2-b:4,5-b′]dithiophene-alt-3-fluorothieno[3,4-b]thiophene-2-carboxylate] (PTB7-Th) donor and poly[[N,N′-bis(2-octyldodecyl)-naphthalene-1,4,5,8-bis(dicarboximide)-2,6-diyl]-alt-5,5′-(2,2′-bithiophene)] (P(NDI2OD-T2)) acceptor polymers, was investigated as a function of cosolvent (p-xylene:chlorobenzene (pXL:CB)) composition ratio. A remarkable efficiency improvement (∼38%) was achieved by spin-coating the photoactive blend layer from pXL:CB = 80:20 (volume) rather than pXL alone, but the efficiency then decreased when the CB content increased further to pXL:CB = 60:40. The improved efficiency was correlated with a particular PTB7-Th:P(NDI2OD-T2) donor−acceptor blend nanostructure, evidenced by a fiber-like surface morphology, a red-shifted optical absorption, and enhanced PL quenching. Further device optimization for pXL:CB = 80:20 films yielded a power conversion efficiency of ∼5.4%. However, these devices showed very poor stability (∼15 min for a 50% reduction in initial efficiency), owing specifically to degradation of the PTB7-Th donor-component. Replacing PTB7-Th with a more stable donor polymer will be essential for any application potential to be realized.