This paper presents an optimized ethanol phase-change immersion cooling method to obtain lower temperature of dense-array solar cells in high concentrating photovoltaic system. The thermal performances of this system were compared with a conventional active water cooling system with minichannels from the perspectives of start-up characteristic, temperature uniformity, thermal resistance and heat transfer coefficient. This paper also explored the influences of liquid filling ratio, absolute pressure and water flow rate on thermal performances. Dense-array LEDs were used to simulate heat power of solar cells worked under high concentration ratios. It can be observed that the optimal filling ratio was 30% in which the thermal resistance was 0.479 degrees C/W and the heat transfer coefficient was 9726.21 W/(m(2).degrees C). To quantify the quality of energy output of two cooling systems, exergy analysis are conducted and maximum exergy efficiencies were 17.70% and 11.27%, respectively. The experimental results represent an improvement towards thermal performances of ethanol phase-change immersion cooling system due to the reduction in contact thermal resistance. This study improves the operation control and applications for ethanol phase-change immersion cooling technology.