The dynamics of the phase transition from an electron-hole plasma to an exciton gas is studied during pulsed excitation of heterostructures with Si1 − xGex/Si quantum wells. The scenario of the phase transition is shown to depend radically on the germanium content in the Si1 − xGex layer. The electron-hole system decomposes into a rarefied exciton and a dense plasma phases for quantum wells with a germanium content x = 3.5% in the time range 100–500 ns after an excitation pulse. In this case, the electron-hole plasma existing in quantum wells has all signs of an electron-hole liquid. A qualitatively different picture of the phase transition is observed for quantum wells with x = 9.5%, where no separation into phases with different electronic spectra is detected. The carrier recombination in the electron-hole plasma leads a gradual weakening of screening and the appearance of exciton states. For a germanium content of 5–7%, the scenario of the phase transition is complex: 20–250 ns after an excitation pulse, the properties of the electron-hole system are described in terms of a homogeneous electron-hole plasma, whereas its separation into an electron-hole liquid and an exciton gas is detected after 350 ns. It is shown that, for the electron-hole liquid to exist in quantum wells with x = 5–7% Ge, the exciton gas should have a substantially higher density than in quantum wells with x = 3.5% Ge. This finding agrees with a decrease in the depth of the local minimum of the electron-hole plasma energy with increasing germanium concentration in the SiGe layer. An increase in the density of the exciton gas coexisting with the electron-hole liquid is shown to enhance the role of multiparticle states, which are likely to be represented by trions T+ and biexcitons, in the exciton gas.