Due to the low temperature fabrication process and reduced hysteresis effect, inverted p-i-n structured perovskite solar cells (PSCs) with the PEDOT:PSS as the hole transporting layer and PCBM as the electron transporting layer have attracted considerable attention. However, the energy barrier at the interface between the PCBM layer and the metal electrode, which is due to an energy level mismatch, limits the electron extraction ability. In this work, an inorganic aluminum-doped zinc oxide (AZO) interlayer is inserted between the PCBM layer and the metal electrode so that electrons can be collected efficiently by the electrode. It is shown that with the help of the PCBM/AZO bilayer, the power conversion efficiency of PSCs is significantly improved, with negligible hysteresis and improved device stability. The UPS measurement shows that the AZO interlayer can effectively decrease the energy offset between PCBM and the metal electrode. The steady state photoluminescence, time-resolved photoluminescence, transient photocurrent, and transient photovoltage measurements show that the PSCs with the AZO interlayer have a longer radiative carrier recombination lifetime and more efficient charge extraction efficiency. Moreover, the introduction of the AZO interlayer could protect the underlying perovskite, and thus, greatly improve device stability.