In this review, the properties, performance, advantages, and applications of carbazole-based nonfullerene acceptors (NFAs) are summarized and categorized by fused-ring number. The recent advances of carbazole-based NFAs are depicted with their decent photovoltaic performance, enabled by the versatality of elegant molecular design. These literature precedents sufficiently validate that carbazole can be exploited as a promising building block embedded in functional, high-performance NFAs. The structure-to-performance relation of carbazole-based NFAs is systematically studied, which is believed to facilitate the development of photovoltaic technology.