As a fused‐ring conjugated unit, triphenodioxazine, has been applied in two series of thiophene‐free conjugated polymers for polymer solar cells. The polymers were synthesized through a multi‐step synthetic route, and the substituents had a great effect on the reactivity of the reactants. Relationships among the polymer structures as well as thermal, optical, and electrochemical properties were investigated in detail by experimental data analysis and theoretical simulation. The polymers possess highly planar backbones, broad Vis/NIR absorption bands, suitable frontier molecular orbital energies, and low band gaps ranging from 1.3 to 1.8 eV. The power conversion efficiencies of their photovoltaic devices are about 1 %. Introducing longer alkyl side chains into a polymer can bring about a better film‐forming ability and improve the photovoltaic performance.