CdTeZnTe strained-layer superlattices (SLSs) are grown on GaAs substrates by hot-wall epitaxy (HWE). SLSs are studied by X-ray diffraction, photoluminescence (PL) and transmission electron microscopy (TEM). Cross sectional TEM image of SLSs shows that the critical thickness of the CdTe well layer is about 9–12 Å. Picosecond time-resolved PL spectra reveal that the exciton luminescence bands in SLS are originating from both free and bound exciton recombination. Dynamical processes of photo-excited carrier relaxation and annihilation in CdTeZnTe are discussed.