Lattice-matched InAIAs epilayers were grown on (001) InP substrate by low pressure metalorganic chemical vapor deposition. The effects of growth conditions on the properties of InAIAs were analyzed, and InGaAs/InAIAs single and multiple quantum wells were successfully grown. It was observed that the optical property of InAIAs epilayers was improved in the temperature range of 620~$700^{circ}C$ as the growth temperature increased due to the reduction of oxygen incorporation, however, the crystallinity decreased at temperatures higher than $750^{circ}C$ due to the degraded crystallinity of the bufter layers. The enhanced incorporation of AI into epilayer was observed at high $AsH_3$flow rates and it was explained in terms of the differences in bond strengths of AI-As and In-As. The measured photoluminescence peak energies from InGaAs/InAIAs single quantum wells were consistent with the calculated ones based on transfer matrix method. High-order satellite peaks and fine thickness fringes were observed by high-resolution x-ray diffraction, implying that the high-quality multiple quantum wells with abrupt heterointerfaces were grown.