Multi-quantum well Si/Ge nanowires (NWs) were realized by combining molecular beam epitaxy deposition and metal-assisted wet etching, which is a low-cost technique for the synthesis of extremely dense (about 1011 cm-2) arrays of NWs with a high and controllable aspect ratio. In particular, we prepared ultrathin Si/Ge NWs having a mean diameter of about 8 nm and lengths spanning from 1.0 to 2.7 μm. NW diameter is compatible with the occurrence of quantum confinement effects and, accordingly, we observed light emission assignable to the presence of Si and Ge nanostructures. We performed a detailed study of the photoluminescence properties of the NWs, with particular attention to the excitation and de-excitation properties as a function of the temperature and of the excitation photon flux, evaluating the excitation cross section and investigating the presence of non-radiative phenomena. PACS: 61.46.Km; 78.55.-m; 78.67.Lt.