This review outlines current progresses in polymer solar cell. Compared to traditional silicon-based photovoltaic (PV) technology, the completely different principle of optoelectric response in the polymer cell results in a novel configuration of the device and more complicated photovoltaic generation process. The conception of bulk-heterojunction (BHJ) is introduced and its advantage in terms of morphology is addressed. The main aspects including the morphology of photoactive layer, which limit the efficiency and stability of polymer solar cell, are discussed in detail. The solutions to boosting up both the efficiency and stability (lifetime) of the polymer solar cell are highlighted at the end of this review.