Two series of Mg x Zn 1−x O/ZnO multiple quantum wells with 18 and 27 at.% of magnesium content in the barrier layers and well widths L w from 1 to 20 nm have been grown by the pulsed laser deposition method. Stimulated emission is observed in the photoluminescence (PL) spectra excited by the pulsed laser (λ exc = 248 nm). The pump density threshold of stimulated emission depends nonmonotonically on the well width, which is associated with an increase of the internal quantum efficiency of the two-dimensional structures caused by a reduction of the radiative lifetime of excitons with decreasing well width, as has been shown by the time-resolved photoluminescence spectra analysis. A minimum value of the radiative lifetime τ r = 355 ps was obtained for the Mg 0.27 Zn 0.73 O/ZnO MQW with a well width L w = 2.6 nm. It has been established that the deep energy levels produced by active surface states with carrier recombination forming the green band in the PL spectrum (λ GB = 510 nm) are metastable.