Featured Application: This study presents a straightforward method based on analytical equations for applying a spectral correction on multijunction concentrating photovoltaics taking into account the optics.Abstract: Photovoltaic (PV) devices are spectrally selective, and their performance is influenced by unavoidable spectral variations. In addition, multijunction-based concentrating photovoltaic (CPV) devices show a strong spectral dependence due to the series connection of various junctions with different absorption bands, and also due to the use of concentrator optics. In this work, the accuracy of a new set of analytical equations that quantify the spectral impact caused by the changes in air mass (AM), aerosol optical depth (AOD) and precipitable water (PW) is discussed. Four different CPV devices based on lattice-matched and metamorphic triple-junction solar cells and a poly(methyl methacrylate) (PMMA) and silicon-on-glass (SoG) Fresnel lenses are considered. A long-term outdoor experimental campaign was carried out at the Centre for Advanced Studies on Energy and Environment (CEAEMA) of the University of Jaén, Spain. Results show a high accuracy in the estimations of the spectral factor (SF), with an average mean absolute percentage error (MAPE) within 0.91% and a mean relative error (MRE) within −0.32%.