Photoelastic optical waveguides using strain-compensated InAsP/InGaP multiplequantum-well (MQW) have been fabricated. Lateral light confinement for waveguiding is achieved by introducing stress into semiconductor heterostructures with stable WNi surface stressor stripes. The waveguides have been characterized at both 1.52 μm and 1.32 μm wavelength in term of TE/TM intensity ratio. At 1.52 μm, the waveguides favor the propagation of TE mode, and the TE/TM intensity ratio can be as large as 15 dB. At 1.32 μm, the TE and TM intensity can be comparable. Anisotropy of waveguides fabricated along  or  directions has also been observed in term of TE/TM intensity ratio, which suggests the presence of anisotropic property of the strain-compensated MQW.