The present study used transparent conductive oxide films as the top electrode of semitransparent organic photovoltaic (ST-OPV) cells. Indium zinc oxide (IZO) was fabricated by a facing direct current magnetron sputtering method for the top electrode of ST-OPV cells with an inverted structure, and then, the effect of selecting a p-type buffer material applicable to IZO films was investigated. Three kinds of p-type buffer materials were examined, namely, molybdenum trioxide (MoO3), tungsten trioxide-nanoparticles (WO3-NPs), and dipyrazino[2,3-f:2',3'-h]quinoxaline-2,3,6,7,10,11-hexacarbonitrile (HATCN). The MoO3-, WO3-, and HATCN-based cells yielded power conversion efficiencies (PCEs) of 4.02%, 3.60%, and 3.14%, respectively. After optimization of MoO3 thickness, the 15 nm thick MoO3-based cell reached a PCE of 4.84% and a transmittance of 19.9% at a wavelength of 550 nm.