Disclosed herein is a polycrystalline silicon solar cell, including: a back electrode formed on a transparent insulating substrate; an N-type polycrystalline silicon layer in which amorphous silicon is crystallized through MIC process, and in which electrons are accumulated; a light-absorbing layer which is formed by vertically crystallizing an intrinsic amorphous silicon layer using the polycrystalline silicon layer as a seed for crystallization through MIVC process, in which pairs of electrons and holes are generated in response to incident light, and which has a vertical column grain structure in which grains are arranged in the direction in which electrons and holes move; a P-type polycrystalline silicon layer which has the vertical column grain structure, and in which holes are accumulated; a transparent electrode layer; front electrodes; and an antireflection coating film, and is a method of fabricating the same.