In this work, we conducted a comparative study on water vapor (H2O) process and hydrogen gas (H2) process to prepare the IMO:H films based on industrialized DC magnetron sputtering system. To dynamically control the residual H2O pressure, we installed a set of polycold coil and kept it turned on during the sputtering process. The film characteristics of Hall mobility, carrier density, sheet resistance, and transparency was investigated. The results revealed that the silicon heterojunction (SHJ) solar cell with H2 process had a higher Hall mobility and greater transparency in the 400–600 nm wavelength range resulting in a lower contact resistivity and a slight increase current density compared to the H2O process. The median efficiency (Eff) achieved with the H2 process improved by 0.09% absolute to 25.43%, mainly because of the increased Jsc and FF. And the IMO:H films with H2 process had a large basal spacing with (400) and (222) crystal planes resulting in maintaining a more stable and reliable structure at temperatures below 200 °C. After the optimization of TCO layer process, we manufactured the industrial-grade SHJ cells with max efficiency (Eff), Voc, Jsc, and fill factor (FF) values as high as 26.27%, 753 mV, 41 mA/cm2, and 86%, respectively. The IMO:H films with H2 process can thus be considered more suitable for large-scale production.