High-quality compressively strained In0.63Ga0.37As/InP quantum wells with different well widths (1-11 nm) have been grown coherently on InP substrates using a home-made gas source molecular beam epitaxy (GSMBE) system. The indium composition in the wells of the sample was determined by means of high-resolution X-ray diffraction and its computer simulation. it is found that the exciton transition energies determined by photoluminescence (PL) at 10 K are in good agreement with those calculated using a deformation potential model. Sharp and intense peaks for each well can be well resolved in the 10 K PL spectra. For wells narrower than 4 nm, the line width of the PL peaks are smaller than the theoretical values of the line-width broadening due to 1 hit interface fluctuation, showing that the interface fluctuation of our sample is within 1 ML. For wells of 7 and 9 nm, the PL peak widths are as low as 4.5 meV.