In previous work we have identified a near‐gap photoluminescence in Ga0.52In0.48P which exhibits a strong dependence of emission energy on excitation intensity (‘‘moving emission’’) and correlated its presence and strength to conditions of growth. In this work we extend our investigations to the rise and decay lifetimes associated with the moving and nonmoving components of the emission. The two processes proceed simultaneously at the same energy. For the moving emission, the time constants scale approximately linearly with excitation intensity. Decaying luminescence can, in most cases, be well fitted with one or two exponentials with time constants as long as milliseconds. The rising luminescence is typically slower and in some cases has a nonmonotonic first time derivative. These results are discussed in terms of existing models of the microstructure of ordered Ga0.52In0.48P.