The III-V compound solar cells represented by GaAs solar cells have contributed as space and concentrator solar cells and are important as sub-cells for multi-junction solar cells. This chapter reviews progress in III-V compound single-junction solar cells such as GaAs, InP, AlGaAs and InGaP cells. Especially, GaAs solar cells have shown 29.1% under 1-sun, highest ever reported for single-junction solar cells. In addition, analytical results for non-radiative recombination and resistance losses in III-V compound solar cells are shown by considering fundamentals for major losses in III-V compound materials and solar cells. Because the limiting efficiency of single-junction solar cells is 30-32%, multi-junction junction solar cells have been developed and InGaP/GaAs based 3-junction solar cells are widely used in space. Recently, highest efficiencies of 39.1% under 1-sun and 47.2% under concentration have been demonstrated with 6-junction solar cells. This chapter also reviews progress in III-V compound multi-junction solar cells and key issues for realizing high-efficiency multi-junction cells.