We present a detailed study of the excitonic nonlinearities in InGaAs/GaAs multiple quantum wells based on both stationary and transient pump-and-probe transmission spectroscopy. Bleaching of the excitonic resonance and free carrier gain have been observed. A quantitative analysis of the observed nonlinearity is provided by means of a rigorous solution of the Bethe–Salpeter equation for the investigated heterostructures