Ultrathin cells are gaining popularity due to their lower weight, reduced cost, and enhanced flexibility. However, compared to bulk cells, light absorption in ultrathin cells is generally much lower. This study presents a numerical simulation of a metamaterial light management structure made of ultrathin lead sulfide colloidal quantum dots (PbS CQDs) sandwiched between a top ITO grating and a tungsten backing to develop an efficient hybrid solar/thermophotovoltaic cell (HSTPVC). The optical properties were computed using both the finite integration technique (FIT) and the finite element method (FEM). The absorptance enhancement was attributed to the excitations of magnetic polaritons (MP), surface plasmon polaritons (SPP), and lossy mode resonance (LMR). The HSTPVC with the metamaterial optical light management structure was assessed for short-circuit current density, open-circuit voltage, and conversion efficiency. The results show a conversion efficiency of 18.02% under AM 1.5 solar illumination and a maximum thermophotovoltaic conversion efficiency of 12.96% at TB = 1600 K. The HSTPVC can operate in a hybrid solar/thermal conversion state when the ITO grating is included by combining the advantages of QDs and metamaterials. This work highlights the potential for developing a new generation of hybrid STPV cells through theoretical modeling and numerical simulations.