This invention relates to a method of manufacturing a substrate for photoelectric conversion device including, on a substrate, a first electrode layer formed of a transparent conductive material. The method includes a first transparent conductive film forming step of forming a first transparent conductive film on the substrate, a second transparent conductive film forming step of forming a second transparent conductive film under a film forming condition that an etching rate is low compared with the first transparent conductive film at a later etching step, and an etching step of wet-etching the second and first transparent conductive films to form recesses that pierce through at least the second transparent conductive film, with the bottoms of the recesses being present in the first transparent conductive film.