We investigated the optical and electrical properties of red AlGaInP light-emitting diodes (LEDs) as functions of chip size, p-cladding layer thickness, and the number of multi-quantum wells (MQWs). External quantum efficiency (EQE) decreased with decreasing chip size. The ideality factor gradually increased from 1.47 to 1.95 as the chip size decreased from 350 μm to 15 μm. This indicates that the smaller LEDs experienced larger carrier loss due to Shockley-Read-Hall nonradiative recombination at sidewall defects. S parameter, defined as ∂lnL/∂lnI, increased with decreasing chip size. Simulations and experimental results showed that smaller LEDs with 5 pairs of MQWs had over 30% higher IQE at 5 A/cm2 than the LED with 20 pairs of MQWs. These results show that the optimization of the number of QWs is needed to obtain maximum EQE of micro-LEDs.