A rapid surge in global energy consumption has led to a greater demand for renewable energy to overcome energy resource limitations and environmental problems. Recently, a number of van der Waals materials have been highlighted as efficient absorbers for very thin and highly efficient photovoltaic (PV) devices. Despite the predicted potential, achieving power conversion efficiencies (PCEs) above 5% in PV devices based on van der Waals materials has been challenging. Here, we demonstrate a vertical WSe 2 PV device with a high PCE of 5.44% under one-sun AM1.5G illumination. We reveal the multifunctional nature of a tungsten oxide layer, which promotes a stronger internal electric field by overcoming limitations imposed by the Fermi-level pinning at WSe 2 interfaces and acts as an electron-selective contact in combination with monolayer graphene. Together with the developed bottom contact scheme, this simple yet effective contact engineering method improves the PCE by more than five times.