A two-dimensional simulation of electrical and optical characteristics of the dual-wavelength LED with different numbers of quantum wells is conducted with APSYS software. The results show that the increase of the number of quantum wells will cause uneven distribution of hole concentrations. Therefore, the increase in the number of quantum wells cannot effectively enhance carrier recombination rate, internal quantum efficiency and luminous intensity. Furthermore, it will lead to the rising of threshold voltage and affect the energy conversion efficiency.