We characterized strip-like shadows in cast multicrystalline silicon (mc-Si) ingots. Blocks and wafers were analyzed using scanning infrared microscopy, photoluminescence spectroscopy, laser scanning confocal microscopy, field-emission scanning electron microscopy, X-ray energy-dispersive spectrometry, and microwave photoconductivity decay technique. The effect on solar cell performance is discussed. The results show that the non-microcrystalline shadow region in Si ingots consists of precipitates of Fe, O, and C. The size of these Fe–O–C precipitates found at the shadow region is ~25 μm. Fe–O–C impurities can slightly reduce the minority carrier lifetime of the wafers while severely decrease in shunt resistance, leading to the increase in reverse current of the solar cells and degradation in cell efficiency.