Controlled nanophase segregation within the blended films of a conjugated polymer and a soluble fullerene has enabled us to form a continuous transfer pathway for the carriers, thereby increasing the photocurrent generation for polymer photovoltaic devices. Here, we study the effects of nanomorphological changes on the performance of polymer solar cells using blended films of poly[9,9'-dioctyl-fluorene-co-bithiophene] (F8T2) and [6,6]-phenyl-C61-butyric acid methyl ester (PCBM). Different weight ratios of the F8T2 and PCBM blends in various solvents were studied at different annealing temperatures. The morphology of the films seems to be a strong function of the processing conditions. The power conversion efficiency (PCE) of the photovoltaic devices has improved significantly from 0.34% to 2.14% under air mass 1.5 simulated solar illumination (100 mW cm(-2)), which could be attributed to the nanomorphological changes in the films.