The degradation mechanism of GaInP/GaInAs/Ge triple-junction solar cells without coating with any protective film was analyzed. After the step stress accelerated degradation test (SSADT) was performed on the solar cells under the sequential conditions of 90 °C for 25 h, 110 °C for 30 h, 130 °C for 30 h, and 150 °C for 50 h, the degradation of dark and light current vs voltage (I–V) characteristics was observed. It is supposed that the recombination current in the depletion region at the chip perimeter of solar cells is the most important degradation mechanism for GaInP/GaInAs/Ge triple-junction solar cells as well as the decreases in open-circuit voltage (V
OC), fill factor (FF), and energy efficiency (η).