Two new conjugated polymers based on benzodithiophene (BDT) and alkyl-benzotrithiophene (alkyl-BTT, P1), or acyl-benzotrithiophene (acyl-BTT, P2) were synthesized by a Stille cross-coupling reaction. The polymers were characterized by gel permeation chromatography (GPC), ultraviolet-visible (UV-vis) absorption as well as electrochemical cyclic voltammetry (CV) tests. Compared to the alkyl-BTT-based polymer (P1), the acyl-BTT-based polymer (P2) displayed a lower optical bandgap and a lower HOMO energy level. Polymer solar cells (PSCs) also confirmed that P2-based devices possessed better photovoltaic properties than those of P1-based devices. The optimized photovoltaic devices were fabricated with an active layer of a blend P2 and PC71BM using 2 vol% 1,8-diiodooctane (DIO) as a solvent additive, and a PCE of 4.20% was obtained, with a Voc as high as 0.96 V under AM 1.5G illumination at 100 mW cm−2 with a solar simulator.