We reported significant improvements in device speed by reducing the quantum barrier (QB) thicknesses in the InGaN/GaN multiple quantum well (MQW) photodetectors (PDs). A 3-dB bandwidth of 700 MHz was achieved with a reverse bias of -6 V. Carrier escape lifetimes due to carrier trapping in the quantum wells (QWs) were obtained from both simulation and experimental fitting, identifying carrier trapping as the major speed limiting factor in the InGaN/GaN MQW PDs.