The porous silicon nanowire photovoltaic cell includes a first electrode, an n-type silicon layer, and a second electrode, which is formed from a transparent electrode with at least one metal contact. An array of porous silicon nanowires is sandwiched between the second electrode and the n-type silicon layer. Each of the porous silicon nanowires is formed from a porous n-type silicon core coated with a layer of p-type silicon. Empty spaces between the porous silicon nanowires of the array may be filled with indium tin oxide, thus forming a photoactive region formed from the array of porous silicon nanowires embedded in indium tin oxide. An up-conversion layer is sandwiched between the first electrode and the n-type silicon layer. Any suitable type of up-conversion material may be used for the up-conversion layer, such as NaYR4:Er—Yb or the like. Alternatively, the up-conversion layer may be replaced by a down-conversion layer.