Silicon-based photonic integration technology has made breakthroughs in several fields, but the silicon germanium material system is currently the only material that can realize all silicon-based integrated active devices and is compatible with complementary metal oxide semiconductor processes. Ge/SiGe multiple quantum wells as silicon-based optical modulators can realize short-distance optical interconnections on silicon chips, and Ge/SiGe multiple quantum well modulators based on the quantum-confined Stark effect have the advantages of low power consumption, low bias voltage, and high speed. This paper summarizes the research status and progress of Ge/SiGe-based multiple quantum well modulators. The extinction ratio, optical loss, bias voltage, electric field, modulation bandwidth, dark current, and other performance parameters of Ge/SiGe multiple quantum well modulators are discussed and compared. The development direction and challenges of Ge/SiGe multiple quantum well modulators in integrated photonics are evaluated.