We investigated the exciton dynamics in InGaAs/InP quantum wells using a novel infrared tunable femtosecond laser source, based on an optical parametric frequency converter pumped by a femtosecond Ti:sapphire laser. The wide tuning range of this source allowed to excite three different excitonic resonances in the absorption spectrum of the sample. Then=1 heavy‐hole excitons are approximately eight times more efficient than free electron‐hole plasma in the absorption saturation. This value is much higher than that measured in GaAs quantum wells. The exciton ionization time constant of then=1 andn=2 heavy‐hole excitons has been measured to be 170 and 100 fs, respectively. No evidence of then=1 light‐hole exciton dynamics was found in the measurements. The study of the dynamics at then=2 heavy‐hole resonance allowed the measurement of an=2 ton=1 intersubband relaxation time of 1 ps. ©1995 American Institute of Physics.