Classification & Applicability of various metamaterials found to be promising in designing high efficiency solar cells. Also light absorption & polarization of electromagnetic energy have been found very prominent in case of metamaterials. Theoretical modeling of metamaterial solar cell has been developed in this study to achieve high efficiency. Hence, composite metamaterials have been investigated and metamaterial property like negative refractive index has been thoroughly studied. It has been found that if anti-reflective coating of solar cell is made of metamaterial, and its refractive index is 1 then no reflection occurs and the efficiency increases without any polarization effect. Also it has been realized that by using sawtooth structure in the second layer of metamaterial solar cell, the band gap can be tuned thus covering the whole solar spectrum and increasing efficiency. The simulation of the proposed model has been done utilizing PC1D, Wx AMPS and Matlab. Metamaterial solar cell shows promising future and this research work can be successfully used to design & develop metamaterial based highly efficient solar cells