Lattice-matched InGaAs(P) photovoltaic devices were grown on InP substrates by metal-organic chemical vapor deposition. InGaAsP/InGaAs (1.07/0.74 eV) dual-junction (DJ) solar cells were fabricated and characterized by quantum efficiency and I–V measurements. The open circuit voltage, short circuit current density, fill factor, and efficiency of InGaAsP/InGaAs DJ solar cell are 0.977 V, 10.2 mA/cm2, 80.8%, and 8.94%, respectively, under one sun illumination of the AM 1.5D spectrum. For the InGaAsP/InGaAs DJ solar cell, with increasing concentration, the conversion efficiency first increases steadily and reaches 13% around 280 suns, and finally decreases due to the drop in fill factor at higher concentration ratios. These experimental results demonstrate the promising prospect of GaInP/GaAs/InGaAsP/InGaAs four-junction solar cells.