Zero-Net-Strained (ZNS) InGaAsP/InGaAsP/InP Multi Quantum Wells (MQW) structures grown by Low Pressure Metalorganic Vapor Phase Epitaxy for 1.55mum laser applications were investigated using atomic force microscopy, photoluminescence spectroscopy and X-ray diffraction. The morphology exhibits a strong anisotropic and modulated behavior. The photoluminescence spectrum shows a broad emission band below the fundamental quantum well transition. The results indicate a strong influence of the growth rate, growth temperature and barrier composition on the surface morphology, and on the optical and structural properties of the ZNS structures. Ridge wave-guide ZNS-MQW laser structures grown at optimized conditions exhibited excellent electro-optic characteristics with low threshold current and high efficiency.