AlGaAs is a promising material for integrated nonlinearphotonics due to its intrinsic high nonlinearity. However,the challenging fabrication of deep etched AlGaAs devices makes it difficult to realize high-performance devices such as low-loss dispersion engineered waveguides and high quality microring resonators. Here, we report a process tomake high-quality AlGaAs-on-insulator (AlGaAsOI) waferswhere high confinement waveguides can be realized. Using optimized patterning processes, we fabricated AlGaAsOI waveguides with propagation losses as low as 1 dB/cmand microring resonators with quality factors up to 350,000 at telecom wavelengths. Our demonstration opens new prospects for AlGaAs devices in integrated nonlinear photonics.