The present invention relates to a conductive paste and a solar cell. The conductive paste contains a conductive powder, including at least a silver powder, a glass frit composed mainly of Te, Bi and Zn, and an organic vehicle. The total molar quantity of the three components of Te, Bi and Zn contained in the glass frit is, in terms of oxide, set at 95 mol% or more. Light-receiving surface electrodes (3) are formed by using the above-conductive paste. Thereby, a conductive paste suitable for forming solar cell electrodes is achieved, the conductive paste being capable of reducing both of the contact resistance between the electrodes and the semiconductor substrate, and the line resistance of the electrodes, while being lead free. Furthermore, a solar cell having high energy conversion efficiency and excellent battery characteristics is achieved as a result of using the conductive paste.