III‐V semiconductor nanowires with quantum wells (QWs) are promising for ultra‐compact light sources and photodetectors from visible to infrared spectral region. However, most of the reported InGaAs/InP QW nanowires are based on the wurtzite phase and exhibit non‐uniform morphology due to the complex heterostructure growth, making it challenging to incorporate multiple‐QWs (MQW) for optoelectronic applications. Here, a new strategy for the growth of InGaAs/InP MQW nanowire arrays by selective area metalorganic vapor phase epitaxy is reported. It is revealed that {110} faceted InP nanowires with mixed zincblende and wurtzite phases can be achieved, forming a critical base for the subsequent growth of highly‐uniform, taper‐free, hexagonal‐shaped MQW nanowire arrays with excellent optical properties. Room‐temperature lasing at the wavelength of ≈1 µm under optical pumping is achieved with a low threshold. By incorporating dopants to form an n+‐i‐n+ structure, InGaAs/InP 40‐QW nanowire array photodetectors are demonstrated with the broadband response (400–1600 nm) and high responsivities of 2175 A W−1 at 980 nm outperforming those of conventional planar InGaAs photodetectors. The results show that the new growth strategy is highly feasible to achieve high‐quality InGaAs/InP MQW nanowires for the development of future optoelectronic devices and integrated photonic systems.