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Polymer solar cells (PSCs) with a bulk heterojunction (BHJ) device structure have incredible advantages, such as low‐cost fabrication and flexibility. However, the power conversion efficiency (PCE) of BHJ PSCs needs to be further improved to realize their practical applications. In this study, boosted PCEs from PSCs based on BHJ composites incorporated with Fe₃O₄magnetic nanoparticles (MNPs), aligned by an external magnetic field (EMF), are reported. It is found that the coercive electric field within the Fe₃O₄MNPs generated by the EMF has a strong and positive influence on the charge generation, which results in a more than 10% increase in free charge carriers. Moreover, the coercive electric field speeds up the charge carrier transport and suppresses charge carrier recombination within PSCs. In addition, a shortened extraction time makes charge carriers more likely to make it to the electrodes. As a result, more than 15% enhancement in PCE is observed from the PSCs based on the BHJ composite incorporated with the Fe₃O₄MNPs and the EMF as compared with that based on the BHJ composite thin film. This work indicates that the incorporation of MNPs and the EMF is a facile way to enhance the PCEs of PSCs.