The continuing efforts of creating novel D–A−π–A structured organic sensitizers with excellent optoelectronic properties have resulted in substantial improvement of power conversion efficiency (PCE) as well as stability of dye-sensitized solar cells (DSSCs). Here, we report a new molecular engineering strategy for enhancing optical gain and improving excited-state features in D–A−π–A structured organic sensitizers by improving the conjugation size and rigidity of the auxiliary acceptor functional group. A series of phenanthrene-fused-quinoxaline (PFQ)-based D–A−π–A organic sensitizers (WS-82, WS-83, and WS-84) are designed and synthesized for applications in DSSCs. Compared to 2,3-diphenylquinoxaline (DPQ)-based dye IQ-4, PFQ dyes show extended absorption spectra and improved open-circuit voltage performance. Upon a systematical engineering of alkyl chains and π-spacer structure, the unfavorable issues of PFQ dyes including low solubility and high energy barrier in intramolecular charge transition are successfully eliminated. When applied in iodine electrolyte-based DSSCs, the best performing PFQ dye WS-84 shows a PCE of 10.11%, which is much higher than that of our previous champion DPQ dye IQ-4 under the same conditions.