A photovoltaic element comprising a p-type semiconductor layer and a transparent conductive layer comprised of indium tin oxide bonded to each other at a surface is provided. The sum of tin oxide content and tin content of the transparent conductive layer varies in the layer thickness direction and is lowest at the bonding surface of the p-type semiconductor layer and the transparent conductive layer. Thus provided is a photovoltaic element which has a high photoelectric conversion efficiency with decreased reduction even when exposed to an intense light for a long period.