A highly strained InGaAs quantum well (QW) vertical-cavity surface-emitting laser (VCSEL) with low threshold current density, high efficiency and output power emissions around 1130 nm was grown by MOCVD. Its static characteristics at room temperature and high operation temperature were studied in detail. The 7 μm oxide aperture device exhibits a threshold current of 0.68 mA, corresponding to a threshold current density of 1.7 kA/cm². The slope efficiency is 0.43 W/A and the maximum output power is 3.3 mW. Continuous-wave (CW) operation in the 10–80 °C temperature range is observed. The slope efficiency is almost constant at 10–80 °C. The threshold current becomes lower at high temperatures thanks to the alignment between gain peak and cavity mode. The 3 μm oxide aperture device’s lasing in single mode with the RMS spectral width of 0.163 nm and orthogonal polarization suppression ratio (OPSR) is ~15 dB at 25 °C. The small-signal response analysis indicates that reducing the parasitics of the device and refining the fabrication process will improve the dynamics response characteristics. These results indicate that the 1130 nm GaAs-based VCSEL with highly strained InGaAs QWs is expected to be used as source for silicon photonics.