In this paper, the effect of material parameters on the efficiency of Ge and InGaAs p-n junction solar cells which are most commonly used as the sub-cell of multi-junction solar cells are investigated and the results due to these two cells are compared. The efficiency of Ge (E-G=0.67 eV) solar cell which is easy to manufacture and inexpensive in cost, is compared with the efficiency of InGaAs (E-G=0.74 eV) solar cell which is coming with drawback of high production difficulties and cost. The theoretical efficiency limit of Ge and InGaAs solar cells with optimum thickness were determined by using detailed balance model under one sun AM1.5 illumination. Since the band gap values of two cells are close to each other, approximate detailed balance efficiency limits of 16% for InGaAs and 14% for Ge are obtained. When drift- diffusion model is used and the thicknesses and doping concentrations are optimized, the maximum efficiency values are calculated as 13% for InGaAs and 9% for Ge solar cell. For each solar cell external quantum efficiency curves due to wavelength are also sketched and compared.