This paper presents a hybrid design, featuring a traditional GaAs-based solar cell combined with various colloidal quantum dots. This hybrid design effectively boosts photon harvesting at long wavelengths while enhancing the collection of photogenerated carriers in the ultraviolet region. The merits of using highly efficient semiconductor solar cells and colloidal quantum dots were seamlessly combined to increase overall power conversion efficiency. Several photovoltaic parameters, including short-circuit current density, open circuit voltage, and external quantum efficiency, were measured and analyzed to investigate the performance of this hybrid device. Offering antireflective features at long wavelengths and luminescent downshifting for high-energy photons, the quantum dots effectively enhanced overall power conversion efficiency by as high as 24.65% compared with traditional GaAs-based devices. The evolution of weighted reflectance as a function of the dilution factor of QDs was investigated. Further analysis of the quantum efficiency response showed that the luminescent downshifting effect can be as much as 6.6% of the entire enhancement of photogenerated current.