A multiple quantum well (MQW) transistor vertical-cavity surface-emitting laser (T-VCSEL) is designed and numerically modeled. The important physical models and parameters are discussed and validated by modeling a conventional VCSEL and comparing the results with the experiment. The quantum capture/escape process is simulated using the quantum-trap model and shows a significant effect on the electrical output of the T-VCSEL. The parameters extracted from the numerical simulation are imported into the analytic modeling to predict the frequency response and simulate the large-signal modulation up to 40 Gbps.