Spectral response of multi-junction solar cell is complicated because of the interplay between external measurement conditions such as bias light intensity, monochromatic light intensity, bias voltage, and intrinsic electrical properties of series interconnected subcells. In this paper, we report an experimental study on the bias voltage-dependent spectral response (SR) for multi-junction solar cell. A self-consistent iteration loop was developed from a nonlinear least square Powell hybrid algorithm that was used for curve fitting the experimental SR versus bias voltage data of each subcell. We demonstrated for the first time that this approach enabled us to derive the electrical parameters such as dark saturation currents (J0), shunt resistance (Rsh), series resistance (Rs), and spectra response (Jphoto) for each subcell of a Ga0.99In0.01As/Ge dual junction solar cell with stable convergence. The accuracies of the fitting results were confirmed by the agreement between the J–V curves calculated on the basis of these parameters and the experimental J–V curve of multi-junction solar cell measured under AM1.5 and 1 sun condition. Copyright © 2013 John Wiley & Sons, Ltd.