Small molecule donor materials with varied number of fluorine atoms (zero and four for ICT7 and ICT9, respectively) are synthesized and the influence of the fluorine atom content on their photophysical, electrochemical and thermal properties is studied. With an increase in the number of F atoms, the absorption maximum of the donor material is blue shifted with an increase in the molar extinction coefficient and also, the HOMO (−5.60 and −5.70 eV, respectively, for ICT7 and ICT9) and the LUMO (−3.70 and −3.76 eV, respectively, for ICT7 and ICT9) energy levels are stabilized. Thermal properties, such as melting temperature Tm (223 and 312 °C, respectively, for ICT7 and ICT9) and crystallization temperature Tc (174 and 284 °C, respectively, for ICT7 and ICT9) are significantly enhanced with increasing numbers of fluorine atoms. Solution‐processed bulk heterojunction solar cells (BHJSCs) are fabricated using these two donors along with PC71BM as the acceptor. Under the optimized conditions, they exhibited an overall power conversion efficiency (PCE) of 6.43 % and 8.34 % for ICT7:PC71BM and ICT9:PC71BM active layers, respectively. ICT9 with four F atoms induced a better nanoscale morphology to the active layer, exhibited efficient charge transport and exciton dissociation and resulted in a better PCE of the BHJSCs.