There are two main research directions for solar cells.
One aim is to get the highest possible efficiency. Here multijunction cells from III-V materials are the most up-to-date thing. I think the current record is 44.7% efficiency (http://phys.org/news/2013-09-world-solar-cell-efficiency.html), but I would not be surprised if that record has already been broken.
The other research direction is cost efficiency. Here people try to get CdTe to work in a reasonable manner (the efficiency is somewhere around 11.5% at the moment, but the cell is pretty cheap) or they try to realize transparent thin film cells which can be used more flexibly, for example in windows.