We perform a time-dependent analysis of the formation and stable propagation of an ultraslow optical soliton pair, and four-wave mixing (FWM) via tunable Fano interference in double-cascade type semiconductor multiple quantum wells (SMQWs). By using the probability amplitude method to describe the interaction of the system, we demonstrate that the electromagnetically induced transparency (EIT) can be controlled by Fano interference in the linear case and the strength of Fano interference has an important effect on the group velocity and amplitude of the soliton pair in the nonlinear case. Then, when the signal field is removed, the dynamic FWM process is analyzed in detail, and we find that the strength of Fano interference also has an important effect on the FWM's efficiency: the maximum FWM efficiency is ~28% in appropriate conditions. The investigations are promising for practical applications in optical devices and optical information processing for solid systems.