This study examined the effects of poly(3-hexylthiophene)(P3HT) as a photosensitizer on the dynamic and steady-state photorefractive (PR) performance of polymeric composites. The performance was measured in terms of the magnitude and buildup speed of the PR grating. Absorption quenching was observed in a PR composite that was doped with P3HT/fullerene ($C_{60}$). This absorption quenching was attributed to disordering of the P3HT chains, and charge transfer between P3HT and $C_{60}$. The magnitude and buildup speed of the PR grating were strongly dependent on space charge formation, which was affected by visible light absorption and the hole mobility.