Polymer solar cell devices with nanostructured blend layers have been fabricated using single- and dual-component polymer nanospheres. Starting from an electron-donating and an electron-accepting polyfluorene derivative, PFB and F8BT, dissolved in suitable organic solvents, dispersions of solid particles with mean diameters of ca. 50 nm, containing either the pure polymer components or a mixture of PFB and F8BT in each particle, were prepared with the miniemulsion process. Photovoltaic devices based on these particles have been studied with respect to the correlation between external quantum efficiency and layer composition. It is shown that the properties of devices containing a blend of single-component PFB and F8BT particles differ significantly from those of solar cells based on blend particles, even for the same layer composition. Various factors determining the quantum efficiency in both kinds of devices are identified and discussed, taking into account the spectroscopic properties of the particles. An external quantum efficiency of ca. 4% is measured for a device made from polymer blend nanoparticles containing PFB:F8BT at a weight ratio of 1:2 in each individual nanosphere. This is among the highest values reported so far for photovoltaic cells using this material combination.