In this study, we used Stille coupling polymerization to synthesize a series of new low‐band gap‐conjugated polymers—PCyTBO, PCySiTBO, and PCyNTBO—comprising mainly electron‐rich C‐, Si‐, and N‐bridged dithiophene units in conjugation with electron‐deficient alkoxy‐modified 2,1,3‐benzooxadiazole moieties. The highest occupied molecular orbital energy levels of these polymers become higher as the electron‐donating ability of C‐, Si‐, or N‐bridged dithiophene units increases. These polymers also displayed excellent thermal stability and broad spectral absorptions, with PCySiTBO revealing some crystallinity. As a result, the photovoltaic device incorporating the PCySiTBO/PC71BM (1:1) blend system and 1,8‐diiodooctane (2 vol %) as an additive exhibited excellent performance, under AM 1.5 G irradiation (100 mW cm−2), with a value of Voc of 0.64 V, a short‐circuit current density of 13.8 mA cm−2, a fill factor of 0.57, and a promising power conversion efficiency of 5.0%. © 2012 Wiley Periodicals, Inc. J Polym Sci Part A: Polym Chem, 2012