A flexible photovoltaic cell was produced by depositing a merocyanine‐dye layer on a transparent electro‐conducting film, which is a polyester film coated with ITO (indium‐tin oxide). Two kinds of the layered structures on the films were examined; i.e., Al/merocyanine/ITO and Ag/merocyanine/ZnO/ITO structures. It was found that the latter structure was more promising for a solar cell because of a considerably better output stability and a higher conversion effiency.