In　this　paper,　simulated　were　the　reflectance　spectrum　and　the　quantum　well　gain　of　vertical　cavity　surface　emitting　lasers　(VCSEL).　And　high　quality　epitaxial　wafers　of　980　nm　VCSEL　were　grown　by　metal-organic　chemical　vapor　deposition　(MOCVD).　A　kind　of　intracavity　oxide　restricted　VCSEL　device　with　the　oxide　aperture　of　14　μm　was　fabricated　in　later　process.　The　indexes　of　the　device　are　obtained　as:　the　threshold　current　of　3.3　mA,　the　threshold　voltage　of　1.8　V,　the　slope　efficiency　of　0.387　W/A,　and　the　output　optical　power　of　5　mW　under　DC　22.8　mA　at　room　temperature.　©,　2015,　China　National　Publishing　Industry　Trading　Corporation.　All　right　reserved.