Proposed is a composite photovoltaic device with parabolic collector and different solar cells, wherein the high photoelectric conversion efficiency is achieved along with significant material cost reduction. The device comprises two or three solar cells formed on opposite sides of a transparent substrate, and a parabolic collector attached to the back side of the substrate. First thin film solar cell formed on the front side receives and converts to electricity a short-wavelength portion of the incoming Sun radiation, and transmits the long-wavelength portion. A second solar cell receives and converts to electricity a concentrated long-wavelength portion of the Sun radiation, which is re-directed toward a focal point by the parabolic collector. In one embodiment a third solar cell is included for converting an IR portion of the radiation. Thus, each solar cell utilizes a favorable part of the Sun spectrum, which allows for an enhancement of photoelectric efficiency and significant material cost reduction.