In this work, we demonstrated a normal incident PIN InGaAs/GaAsSb type-II multiple quantum wells (MQW) photodiode on InP substrate for 2 μm wavelength high-speed operation. The photodiode has a responsivity of 0.35 A/W at room temperature at 2 μm, and a 3 dB bandwidth of 3.7 GHz. A carrier dynamic model is developed to study the bandwidth of the multiple quantum wells photodiode. Simulation results match the experimental data well, and analysis shows that hole transport limits the 3 dB bandwidth performance. By optimizing the MQW design, higher bandwidth performance (>10 GHz) can be achieved.