A silicon-based photovoltaic cell is disclosed having a red light conversion layer that absorbs ultraviolet rays, blue-purple or yellow-green light of the Sun's solar radiation and converts the absorption into a red, dark red and near infrared subband radiation. The maximum value of the solar radiation absorbed by the red light conversion layer is λ=470˜490 nm, and the maximum value of the photoluminescent spectrum of the red light conversion layer is within the photosensitive spectral zone of said single-crystal silicon substrate λ=700˜900 nm, i.e., in conformity with the optimal sensitivity area of silicon-based solar cells. The red light conversion layer has filled therein an ethyl acetoacetate or polycarbonate-based light-transmissive polymer that has evenly distributed therein a phosphor composed of α-Al2O3—Ti2O3, having a quantum efficiency of 90%.