Polymerized small molecular acceptor (PSMA) based all-polymer solar cells (all-PSC) have achieved power conversion efficiencies (PCE) over 16%, and the PSMA is considered to hold great promise for further improving the performance of all-PSC. Yet, in comparison with that of the polymer donor, the photophysics of a polymerized acceptor remains poorly understood. Herein, the excited state dynamics in a polymerized acceptor PZT810 was comprehensively investigated under various pump intensities and photon energies. The excess excitation energy was found to play a key role in excitons dissociation into free polarons for neat PSMA films, while free polarons cannot be generated from the polaron pairs in neat acceptor films. This work reveals an in-depth understanding of relaxation dynamics for PSMAs and that the underlying photophysical origin of PSMA can be mediated by excitation energies and intensities. These results would benefit the realization of the working mechanism for all-PSC and the designing of new PSMAs.