A highly efficient fullerene-free polymer solar cell (PSC) based on PDCBT, a polythiophene derivative substituted with alkoxycarbonyl, achieves an impressive power conversion efficiency of 10.16%, which is the best result in PSCs based on polythiophene derivatives to date. In comparison with a poly(3-hexylthiophene):ITIC-based device, the photovoltaic and morphological properties of the PDCBT:ITIC-based device are carefully investigated and interpreted.