We provide a review for the recently observed even‐denominator fractional quantum Hall effect in GaAs quantum well structures. We argue that the &ngr;=1/2 fractional quantum Hall state observed in two recent experiments is the theoretically predicted 331 state, which is a two‐component generalization of the well‐known Laughlin incompressible state for the single two‐dimensional layer. Our calculations show that the 331 state exhibiting &ngr;=1/2 fractional quantum Hall effect is stabilized in a double quantum well structure due to a competition between intrawell and interwell Coulomb correlations and this state is robust in the presence of some interwell electron tunneling.