We report on the experimental observation of the radiative recombination of localized biexcitons at low temperature (5 K) in ZnO/ZnMgO multi-quantum wells grown by laser-molecular-beam epitaxy on a lattice-matched ScAlMgO4 substrate (0001). The emission components due to the recombinations of localized excitons and biexcitons and due to the exciton-exciton scattering were verified by examining their relative energy positions and intensity dependence on excitation power density. The excitation threshold for biexciton emission was significantly lower than that for exciton-exciton scattering. The binding energy of biexcitons in multi-quantum wells is largely enhanced compared with the corresponding value of bulk ZnO.