Provided are a solar cell and a method of manufacturing the same. The method includes implanting impurities of a second conductivity type opposite to a first conductivity type on the entire surface of a semiconductor substrate of the first conductivity type to form an emitter layer, forming a first anti-reflective coating (ARC) layer on the emitter layer, patterning a portion of the first anti-reflective coating (ARC) layer where a front electrode will be formed, forming a second anti-reflective coating (ARC) layer on the first anti-reflective coating (ARC) layer and the emitter layer, and forming the front electrode and a rear electrode on front and rear surfaces of the semiconductor substrate. In this method, a double structure of two anti-reflective coating (ARC) layers with different thicknesses may be formed to make electrode patterns distinct, thereby facilitating alignment of electrodes.