Global energy consumption is rising, and fossil resources are dwindling, driving demand for clean, affordable energy. Solar power is the most promising alternative energy source and can meet future energy needs. In terrestrial photovoltaics, low-cost Silicon solar cells dominate. However, as the single junction silicon solar cells are approaching their highest achievable efficiency of 30%, high-efficiency, “group III-V Compound” semiconductor tandem solar cells are being considered as an alternative energy source. The absorption capacity of the wide range of solar radiation photons enables them to achieve high efficiency. However, further improvement in efficiency is constrained due to the various loss mechanisms that occur during the physical process of converting light to electrical energy in “group III-V compound” tandem solar cells. Extensive research is being conducted to develop solution approaches to minimize the loss mechanisms in order to improve efficiency. Although many published review articles have studied the research progress of “group III-V compound” solar cells based on fabrication techniques, applications, status, and challenges, there is no article mentioning a comprehensive and comparative study of strategies employed by researchers to enhance efficiency in “group III-V compounds” tandem solar cells considering loss mechanisms. The present study focuses on discussing the fundamental losses in “group III-V compounds” tandem solar cells and various strategies employed by researchers to reduce optical and electrical losses to improve the efficiency of these devices so that they may be employed in terrestrial applications.