The past decade has seen a tremendous development of organic solar cells (OSCs). To date, high-performance OSCs have boosted power conversion efficiencies (PCEs) over 17%, showing bright prospects toward commercial applications. Compared with binary OSCs, ternary OSCs, by introducing a third component as a second donor or acceptor into the active layer, have great potential in realizing outstanding photovoltaic performance. Herein, a comprehensive review of the recent advances of ternary solar cells is presented. According to the chemical components of active layer materials, we classify the ternary systems into four categories, including polymer/small molecule/small molecule, polymer/polymer/small molecule, all-polymer and all-small-molecule types. The relationships among the photovoltaic materials structure and weight ratio, active layer morphology and photovoltaic performance are systematically analyzed and summarized. The features and design strategies of each category are also discussed and summarized. Key issues and challenges faced in ternary OSCs are pointed out, and potential strategies and solutions are proposed. This review may provide guidance for the field of ternary OSCs.