We have fabricated a high speed single mode microcavity laser of the form of oxide-confined vertical cavity surface emitting laser (VCSEL) and achieved an ultralow threshold current (ITH = 0.13 mA at 20 °C) with lasing wavelength at 837 nm. The optical spectrum of the microcavity VCSEL exhibits a mode spacing of 3.1 nm, which is corresponding to an optical modal cavity dimension of 2.5 μm. The device exhibits an enhanced modulation bandwidth of 22.6 GHz and a thermal noise limited laser intensity noise (electrical power spectral density of laser intensity noise below the thermal noise floor −174 dBm/Hz) as a consequence of low power laser operation and reduced mode competition in the microcavity.