Recently, the concept of near-infrared sensitization is successfully employed to increase the light harvesting in large-bandgap polymer-based solar cells. To gain deeper insights into the operation mechanism of ternary organic solar cells, a comprehensive understanding of charge transfer–charge transport in ternary blends is a necessity. Herein, P3HT:PCPDTBT:PCBM ternary blend films are investigated by transient absorption spectroscopy. Hole transfer from PCPDTBT-positive polarons to P3HT in the P3HT:PCPDTBT:PCBM 0.9:0.1:1 blend film can be visualized. This process evolves within 140 ps and is discussed with respect to the proposed charge-generation mechanisms.