We synthesized a silver nanoparticle/zinc oxide (Ag NP/ZnO) thin film by using spin-coating technology. The treatment solution for Ag NP/ZnO thin film deposition contained zinc acetate (Zn(CH3COO)2), sodium hydroxide (NaOH), and silver nitrate (AgNO3) aqueous solutions. The crystalline characteristics, surface morphology, content of elements, and reflectivity of the Ag NPs/ZnO thin film at various concentrations of the AgNO3 aqueous solution were investigated using X-ray diffraction, scanning electron microscopy, energy-dispersive X-ray spectroscopy, atomic force microscopy, and ultraviolet–visible–near infrared spectrophotometry. The results indicated that the crystalline structure, Ag content, and reflectance of Ag NP/ZnO thin films depended on the AgNO3 concentration. Hybrid antireflection coatings (ARCs) composed of SiNx and Ag NPs/ZnO thin films with various AgNO3 concentrations were deposited on GaInP/(In)GaAs/Ge solar cells. We propose that the optimal ARC consists of SiNx and Ag NP/ZnO thin films prepared using a treatment solution of 0.0008 M AgNO3, 0.007 M Zn(CH3COO)2, and 1 M NaOH, followed by post-annealing at 200 °C. GaInP/(Al)GaAs/Ge solar cells with the optimal hybrid ARC and SiNx ARC exhibit a conversion efficiency of 34.1% and 30.2% with Voc = 2.39 and 2.4 V, Jsc = 16.63 and 15.37 mA/cm2, and fill factor = 86.1% and 78.8%.