Photoreflectance (PR), photoluminescence (PL) and time-resolved PL were applied to study the optical properties, particularly the localized and delocalized states and carrier dynamics, in GaAs 1−x Bi x /GaAs quantum wells. With increasing Bi concentration the ground state transition (i.e., the transition between the first heavy hole and the first electron subband) red shifts due to Bi-related reduction of the GaAs 1−x Bi x energy gap. Additionally, the transition related to the excited states in the quantum wells is clearly observed for the sample with high Bi concentration of 5.6%, confirming these quantum wells are type I. The PL measurements show the S-shape behavior and indicate the strong localization effect below 150 K for all measured samples, while the PL emission above 150 K is related to delocalized states. The localized character of emission at low temperatures is confirmed by time-resolved PL studies. At 10 K the decay time has strong spectral dispersion (i.e. the decay time increases from ∼10 ns to ∼400 ns going from the high to low energy side of the PL peak). This dispersion disappears above 190 K. At room temperature the decay time is in the order of a few ns.