This paper reports an improved solar cell performance of 8.6% by incorporation of N-doped multiwall carbon nanotubes (N-MCNTs) into BHJ solar cells composed of PTB7 and PC71BM. It was demonstrated for the first time that incorporation of N-MCNTs leads to not only increased nanocrystallite sizes but also smaller phase-separated domain sizes of both PTB7 copolymers and PC71BM from X-ray scattering study. The results show that N-MCNTs could serve as both exciton dissociation centers and charge transfer channels. The enhanced charge dissociation probabilities and effective charge carrier lifetime in the active layer material offer evidence to support the conclusion that N-MCNTs facilitated charge separation and transport.