Exciton and biexciton transitions have been observed in low‐temperature (10 K) photoluminescence from CdxZn1−xSe/ZnSe (x=0.2) multiple quantum well samples grown by molecular beam epitaxy. Transient photoluminescence experiments were conducted to study the dynamics of carrier decay associated with these processes. The formation of exciton and biexciton species is confirmed by examining their energy positions, intensity dependence on excitation power density, spectral line shapes, relative decay lifetimes, and polarization dependence. ©1995 American Institute of Physics.