Optical properties of Ga 0.5 In 0.5 P grown by gas-source molecular beam epitaxy are reported. A strong optical anisotropy due to the spontaneous lateral composition modulation of Ga and In was observed in macro-and micro-photoluminescence ͑PL͒ spectra. The micro-PL study revealed that the PL band is composed of sharp lines that arise from the radiative decay of excitons trapped at local potential minima caused by the composition modulation. Anisotropy in PL rise and decay times was also observed. The detection energy dependence of the PL decay time is well explained by considering the relaxation process of excitons from shallow traps to deep traps.