Abstract We design and demonstrate an asymmetric Ge/SiGe coupled quantum well (CQW) waveguide modulator for both intensity and phase modulation with a low bias voltage in silicon photonic integration. The asymmetric CQWs consisting of two quantum wells with different widths are employed as the active region to enhance the electro-optical characteristics of the device by controlling the coupling of the wave functions. The fabricated device can realize 5 dB extinction ratio at 1446 nm and 1.4 × 10−3 electrorefractive index variation at 1530 nm with the associated modulation efficiency V π L π of 0.055 V cm under 1 V reverse bias. The 3 dB bandwidth for high frequency response is 27 GHz under 1 V bias and the energy consumption per bit is less than 100 fJ/bit. The proposed device offers a pathway towards a low voltage, low energy consumption, high speed and compact modulator for silicon photonic integrated devices, as well as opens possibilities for achieving advanced modulation format in a more compact and simple frame.