To provide a conductive composition that improves water resistance of an electrode to be formed without lowering adhesion to a substrate and reactivity with silicon nitride as compared with a conventional conductive composition, and to provide a solar cell which has sufficient adhesion and excellent conductivity between an electrode and an n-type semiconductor layer and also has the electrode improved in water resistance and a method of manufacturing the same.

The conductive composition contains silver powder, glass powder including PbO, a vehicle comprising a resin and a solvent, and a dispersant which disperses and stabilizes the silver powder and glass powder. The composition contains 70-95 mass% of the silver powder and 1-10 pts.mass of the glass powder for 100 pts.mass of the silver powder in the composition. The glass powder consists principally of PbO-B2O3 and includes one or both of ZnO and TiO2 by a very small amount as a component, and further includes Al2O3 by 1-10% by mol in the glass composition thereof.