Photovoltaic cell with high conversion efficiency

Disclosed is a photovoltaic cell comprising a substrate having an electrode layer (1) on the surface and having a porous metal oxide semiconductor film (2) which is formed on the electrode layer (1) and on which a photosensitizer is adsorbed, a substrate having an electrode layer (3) on the surface, both of said substrates being arranged in such a manner that the electrode layer (1) and the electrode layer (3) face each other, and an electrolyte layer provided between the semiconductor film (2) and the electrode layer (3), wherein the semiconductor film (2) contains an inhibitor of back current, and at least one pair of substrate and electrode layer thereon have transparency. The photovoltaic cell is capable of inhibiting back current and decomposition of a spectrosensitizing dye caused by the ultraviolet rays, has high photoelectric conversion efficiency and is capable of generating high electromotive force.