Transparent conductive oxide (TCO) thin films play a significant role in silicon heterojunction (SHJ) solar cell and perform both as antireflection coating (ARC) and carrier transport layer. Indium zinc oxide (IZO) films have attracted much attention in opto-electronic industry as an alternative TCO material owing to their superior optical and electrical characteristics as compared to conventionally used indium tin oxide (ITO) films. The optical and electrical properties of IZO films were studied and compared with ITO films. Moreover, the dielectric layer of Al₂O₃ was deposited on the IZO films using an atomic layer deposition (ALD) system to prepare a double layer antireflection coating (DLARC) structure. The wafer ray tracer simulation tool was used to optimize the thickness of Al₂O₃/IZO DLARC for SHJ solar cells and experimental results showed its validation. The performance of Al₂O₃/IZO DLARC on the front surface of rear emitter SHJ solar cell recorded to increase in the current density of 1.37% with enhancement in the efficiency of 0.8%, showing noticeable improvement as compared to cell fabricated with single-layer IZO film.