For indirect‐bandgap germanium (Ge), strain‐engineering provides a controllable means to transform Ge into direct‐bandgap material with strongly enhanced light emission efficiency. Flexible electronics offer a powerful platform for introducing external strain into semiconductor nanomembranes (NMs) through deformation with flexible substrates. So far, the Ge/GexSi1−x alloy quantum well (QW) NMs have not been sufficiently investigated to comprehend how the external deformation tunes the wavelength and light‐emitting properties. Herein, a theoretical model based on the elasticity theory and k·p method is established to analyze the strain‐optoelectronic properties of the externally deformed Ge/GexSi1−x QW NMs via neutral plane (NP) modulation in both embedded and sticked form. Calculated results reveal that the elastic strain is linearly distributed, inducing tilt of the band edge similar to the electric field. Considering the fracture limit of the material, the NP layout determines the critical bending curvature that the NM can achieve. Large tunable range of wavelength Δλ of 1615 nm and enhanced transverse electric (TE)/transverse magnetic (TM) peak gain of 949/3778 cm−1 are predicted for r = 1000 nm (the distance between NP and QW) under the bending limit. Further calculations conclude that larger r allow for smaller bending curvature to achieve wider range of wavelength and more enhanced optical gain.