Ground-state binding energy and optical absorption coefficient of exciton in a symmetric double inverse parabolic quantum well system in the presence of external electric and magnetic fields are investigated theoretically. Numerical calculations have been carried out with the variational technique considering the single-band effective mass approximations. Results reveal that the excitonic binding energy and interband optical absorption depend on significantly on the geometrical and structural parameters defining carriers’ double inverse parabolic confinement potential, the aluminum concentration at the well center, the electric field, and the magnetic field. The exciton binding energy is a decreasing (increasing) function of the electric field (magnetic field). The increase in aluminum concentration creates a blueshift at the resonance peak positions. As a result, the tunability of the excitonic effects is expected to be of importance in developing stable and high-efficiency nanoscale excitonic optoelectronic devices . • Analyses of double inverse parabolic quantum well. • Exciton binding energy. • Interband transitions. • Electric and magnetic field effects.