This paper reports a novel traveling-wave electroabsorption modulator (TWEAM) with a large optical cavity waveguide and an intrastep quantum well structure designed to achieve a high bandwidth, high saturation power and better fiber-matched optical profile, which is good for high coupling efficiency. The optical mode characteristic shows a great improvement in matching the circular mode of the fiber and the saturation power of 21 dBm, and a 3 dB bandwidth of 23 GHz was achieved for the fabricated TWEAM.