Many-component electron-hole plasma is considered in the Coupled Quantum Wells (CQW). It is found that the homogeneous state of the plasma is unstable if the carrier density is sufficiently small. The instability results in the breakdown into two coexisting phase -a low-density gas phase and a high-density electron-hole liquid. The homogeneous state of the electron-hole liquid is stable if the distance between the quantum wells ℓ is sufficiently small. However, as the distance ℓ increases and reaches a certain critical value ℓ cr , the plasmon spectrum of the electron-hole liquid becomes unstable. Hereupon, a quantum phase transition occurs, resulting in the appearance of the charge density waves of finite amplitude in both quantum wells. The strong mass renormalization and the strong Z-factor renormalization are found for the electron-hole liquid as the quantum phase transition occurs.