An optical device with a quantum well is provided. The optical device includes an active layer made of a Group III-V semiconductor compound and having a quantum well of a bandgap grading structure in which conduction band energy and valence band energy change linearly with a slope with the content change of predetermined components while an energy bandgap between the conduction band energy and the valence band energy is maintained at a predetermined value; and two barrier layers, one of which is positioned on an upper surface of the active layer and the other is positioned on a lower surface of the active layer, and which are made of a Group III-V semiconductor compound and have higher conduction band energy and lower valence band energy than the active layer. A driving voltage is decreased and luminous efficiency and reliability are enhanced.