We have measured the narrowest half‐width at half‐maximum photoluminescence linewidth of 2.8 meV, in 40‐period lattice‐matched In0.53Ga0.47As/In0.52Al0.48As multiple quantum wells, grown by molecular‐beam epitaxy with growth interruption. A simple analysis of the linewidth suggests that the structure has near perfect interfaces. Temperature‐dependent photoluminescence linewidth data indicate impurity incorporation due to the growth interruption. However, the high quality of the multiple quantum well is not impaired as is seen in the room‐temperature absorption data, where excitonic features up ton=3 sublevel are clearly seen. Carrier lifetime in this multiple‐quantum‐well system has been measured, we believe for the first time, using the picosecond photoluminescence correlation technique. A lifetime of 860 ps is obtained, which is similar to the value obtained for high‐quality GaAs/AlGaAs and In0.53Ga0.47As/InP quantum wells. This further confirms the high quality obtained in this ternary material system using growth interruption.