Tunnel Junctions, as addressed in this review, are conductive, optically transparent semiconductor layers used to join different semiconductor materials in order to increase overall device efficiency. The first monolithic multi-junction solar cell was grown in 1980 at NCSU and utilized an AlGaAs/AlGaAs tunnel junction. In the last 4 decades both the development and analysis of tunnel junction structures and their application to multi-junction solar cells has resulted in significant performance gains. In this review we will first make note of significant studies of III-V tunnel junction materials and performance, then discuss their incorporation into cells and modeling of their characteristics. A Recent study implicating thermally activated compensation of highly doped semiconductors by native defects rather than dopant diffusion in tunnel junction thermal degradation will be discussed. AlGaAs/InGaP tunnel junctions, showing both high current capability and high transparency (high bandgap), are the current standard for space applications. Of significant note is a variant of this structure containing a quantum well interface showing the best performance to date. This has been studied by several groups and will be discussed at length in order to show a path to future improvements.