We designed and synthesized anthryl-disubstituted magnesium tetraethynylporphyrin([{5,15-bis(anthracen-9′-yl)ethynyl}-10,20-bis{(triisopropylsilyl)ethynyl}porphyrinato] magnesium(II)), and applied it as an electron donor to solution-processed bulk heterojunction small molecule organic solar cells. The compound was characterized by single crystal X-ray crystallography as well as UV-vis light absorption spectrum showing the absorption maximum and onset at 700 and 740 nm, respectively. Organic solar cells using this compound and [6,6]-phenyl-C61-butyric acid methyl ester (PC61BM) as electron donor and acceptor, respectively, showed power conversion efficiency of 1.31% at the donor and acceptor ratio of 1:3. The use of pyridine as a coordinating additive increased power conversion efficiency to 1.61%, which was the best among tested additives, THF, pyradine, dioxane, and 1,8-diiodooctane.