Transparent conductive oxide (TCO) film acts as the window layer and carrier transport layer of silicon heterojunction (SHJ) solar cells. The optoelectrical and contact properties of TCO films, as well as the sputtering damage, limit the further efficiency improvement. Herein, the microstructure, morphology, and optoelectrical properties of sputtering‐prepared zinc‐doped indium oxide (IZO) are analyzed. The substrate temperature has a significant impact on the film growth and the cell performance. The IZO film is amorphous when substrate temperature is below 200 °C, while it seems the emergence of nanocrystals with the increased temperature, resulting in the highest conductivity (3070 S cm−1) and carrier mobility (47.9 cm2 V−1 s−1). In addition, the low carrier concentration and surface potential of IZO promote less optical parasitic absorption and higher work function. The IZO films are applied as the contact layer of SHJ solar cells. An impressive efficiency of 24.02% on an M2‐sized wafer is achieved, indicating great potential for the mass production application after careful optimization.