Time-resolved spectroscopy is a powerful tool for studying fundamental photophysics in optoelectronic materials on a molecular temporal scale. In this review, we describe transient spectroscopic studies on fundamental photovoltaic conversion processes in polymer solar cells, which consist of a series of conversion processes such as photon absorption, exciton diffusion into a donor/acceptor interface, charge transfer at the interface, charge dissociation into free charge carriers, and charge collection to each electrode. These conversion processes are ultrafast phenomena and are ranging over the wide temporal scale from femtoseconds to microseconds, which can be directly observed by transient spectroscopy.