Photoluminescence (PL) spectra and kinetics of narrow gap Hg1−xCdxTe/CdyHg1−yTe quantum well (QW) heterostructures grown by molecular beam epitaxy technique are studied. Interband PL spectra are observed from 18 K up to the room temperature. Time resolved studies reveal an additional PL line with slow kinetics (7 μs at 18 K) related to deep defect states in barrier layers. These states act as traps counteracting carrier injection into QWs. The decay time of PL signal from QW layers is about 5 μs showing that gain can be achieved at wavelengths 10–20 μm by placing such QWs in HgCdTe structures with waveguides.