Transient gain on the Xe2Cl∗ blue‐green emission continuum has been observed at 488.0,. 497.6, and 514.5 nm. A maximum of 6% per pass was obtained using gas mixtures of Ar/Xe/CCl4 pumped by short, intense electron beam pulses. The stimulated emission cross section, ∼8×10−18 cm2, as derived from the fluorescence spectrum, is consistent with the observed gain. The gain characteristics of Xe2Cl∗ are similar to those observed in the XeF (C→A) system.