Photon management plays a vital role in the power conversion efficiency of III-V semiconductor solar cells. However, the photon recycling characteristics of GaAs-based multiquantum-well (MQW) solar cells employed different optical designs had yet been fully explored. In this work, we investigate the impact of the spectrally selective filter (SSF) and distributed Bragg reflector (DBR) on the photovoltaic characteristics of single-junction, strain-balanced In0.1Ga0.9As/ GaAs0.85P0.15 MQW solar cells. Specifically, the SSFs with cutoff wavelengths of 880, 910, and 940 nm are designed and implemented on MQW solar cells with and without the incorporation of a rear DBR. Photon confinement in the vertical direction is verified based on the characterizations of reflectance, electroluminescence, and external quantum efficiency. We show that the photon confinement reduces the saturation current density, up to 26 times and 3 times for the 880 nm SSF-MQW and SSF-MQW-DBR devices, respectively, compared to that of the 940 nm devices. Furthermore, by comparing the SSF-MQW-DBR solar cells under simulated one-sun and concentrated illumination conditions, the open-circuit voltage exhibits a maximal net increase for the 910 nm SSF due to tradeoff between the short-circuit and saturation current density. The proposed SSF design may offer a viable approach to boost the performance of GaAs-based MQW solar cells.