The optical properties of Al-rich AlGaN/AlN quantum wells are assessed by excitation-power-dependent time-integrated (TI) and time-resolved (TR) photoluminescence (PL) measurements. Two excitation sources, an optical parametric oscillator and the 4th harmonics of a Ti:sapphire laser, realize a wide range of excited carrier densities between 1012 and 1021 cm−3. The emission mechanisms change from an exciton to an electron-hole plasma as the excitation power increases. Accordingly, the PL decay time is drastically reduced, and the integrated PL intensities increase in the following order: linearly, super-linearly, linearly again, and sub-linearly. The observed results are well accounted for by rate equations that consider the saturation effect of non-radiative recombination processes. Using both TIPL and TRPL measurements allows the density of non-radiative recombination centers, the internal quantum efficiency, and the radiative recombination coefficient to be reliably extracted.