GaAs heterojunction solar cells are known as promising substitutions for traditional GaAs solar cells for their low cost and performance potential. Nevertheless, the further performance enhancement is hindered by insufficient spectral absorption and nonradioactive recombination. In this work, an InP quantum dot (QD) modified GaAs/PEDOT:PSS solar cell is designed to enhance spectrum utilization and suppress the nonradioactive carriers loss and the solar cell efficiency at 15.08% is achieved. Furthermore, InP QDs used in this work are synthesized by a novel hydrothermal method. During the synthesis process, β-cyclodextrin (β-cyc) was introduced into the reactants and acted as a reaction cell, isolating water and oxygen, enabling the reaction to proceed in ambient air. InP QDs synthesized by this method can achieve band engineering by altering reactant ratios, thereby effectively serving as both a Luminescent Solar Concentrator (LSC) and a Front Surface Field (FSF) in GaAs/PEDOT:PSS solar cells. This work demonstrates an inspiring way to synthesize InP QDs and optimize the performance of GaAs hybrid solar cells.