Patients with diabetes are at risk of developing a retinal disorder called Proliferative Diabetic Retinopathy (PDR). One of the main characteristics of PDR is the development of neovascularization, a condition in which abnormal blood vessels are formed on the retina. This condition can cause blindness if it is not detected and treated early. Numerous studies have proposed different image processing techniques for detecting neovascularization in fundus images. However, because of its random growth pattern and small size, neovascularization remains challenging to detect. Hence, deep learning techniques are becoming more prevalent in neovascularization identification because of their ability to perform automatic feature extraction on objects with complex features. In this paper, a method of neovascularization detection based on transfer learning is proposed. The performance of the transfer learning method is investigated using four pre-trained Convolutional Neural Network (CNN), which include AlexNet, GoogLeNet, ResNet18, and ResNet50. In addition, an improved network based on the combination of ResNet18 and GoogLeNet is proposed. Evaluation on 1174 retinal image patches showed that the proposed network could achieve 91.57%, 85.69%, 97.44%, and 97.10% of accuracy, sensitivity, specificity, and precision, respectively. We demonstrated that the proposed method outperforms each individual CNN for neovascularization detection. It also shows better performance compared to another method that utilized deep learning models for feature extraction and Support Vector Machine (SVM) for classification.