Ternary architecture is a promising strategy to enhance power conversion efficiencies (PCEs) of organic solar cells (OSCs). However, among all the photovoltaic parameters that govern the final PCEs, the fill factor (FF) for ternary OSCs is generally below 78%, limiting solar cells’ performance. Here, charge dynamics in the ternary cells PM6:DRTB‐T‐C4:Y6 with a FF of 80.88% and a PCE of 17.05% are thoroughly investigated by a series of transient characterization technologies, including transient absorption spectroscopy, transient photovoltage, and transient photocurrent measurements. The impressive FF results from effective exciton dissociation, enhanced charge transport and suppressed recombination in ternary cells. Moreover, the correlation between the measured FF and the charge recombination‐extraction competition is quantitatively analyzed by using a circuit model. The ternary cells also show small energy loss (Eloss). The findings here provide insight into achieving high‐FF and low‐Eloss ternary OSCs.