To provide a solar cell which has excellent photoelectric conversion efficiency.

The solar cell is constituted by forming a photoelectric conversion layer 30 on a metal substrate 10 through a lower electrode 20. The photoelectric conversion layer 30 is formed using at least group-Ib element-containing particles including copper and/or silver and group-IIIb element-containing particles including at least one of aluminum, indium and gallium. The metal substrate 10 with an insulating layer is constituted by forming an anodic oxidation film 12 of Al as the electric insulating layer on a surface of an Al material 11 of a metal substrate 14 having the Al material 11 integrated with at least one surface of a base material 13 made of ferrite-based stainless steel.