We propose and demonstrate novel surface‐normal multiple‐quantum‐well reflection modulators which are operable at high intensities while maintaining high contrast (greater than 10) by exploiting resonant tunneling between adjacent wells. At the resonant tunneling field, the lifetime of the excited (highly absorbing) state is dramatically shortened, thus minimizing carrier‐density‐dependent saturation effects. Moreover, we show that even in a Fabry–Perot cavity, device deterioration due to saturation is greatly reduced.