We have adopted the strain compensated PBH(planar buried heterostructure) - LD in which the MQW active layer consisted of 1.4% compressively strained GainAsP (E$_{g}$ = 0.905eV) wells and 0.7% tensile strained GaInAsP(E$_{g}$ = 1.107eV) barriers grown by metal organic vapor phase epitaxy (MOVPE). We hav einvestigated effects of number of wells and the structure of the separate confinement heterostructure (SCH) layer in the strain-compensated MQW-PBH-LD. The threshold current, the external quantum efficiency, the transparency current density J$_{o}$, and the gain constant .beta. have been evaluated for uncoated MQW-PBH-LD. As the number of wells increases, the internal quantum efficiency and the transparency current density decreases, whereas the gain contant increases. The small width of the SCH layer shows the large internal quantum efficiency. The small internal loss and the large gain constant have been obtained by inserting the large bandgap SCH layer.