The　material　characteristics　of　tunnel-junction-regenerated　multiple　active　regions　intercavity-contacted　Vertical　Cavity　Surface　Emitting　Laser　have　been　investigated.　The　gain　peak　wavelength,　the　resonance　cavity　wavelength,　the　center　wavelength　of　Distributed　Bragg　Reflector　(DBR)　and　the　thickness　deviation　of　VCSEL　were　obtained.　If　the　cavity　resonance　wavelength　was　above　20　nm　longer　than　the　gain　peak　wavelength,　threshold　condition　couldn＇t　be　satisfied,　so　VCSEL　couldn＇t　lase.　Tunnel-junction-regenerated　two　active　regions　VCSEL　lased　under　room　temperature,　which　was　agreed　with　the　analyzed　grown　parameter.　Light　output　power　of　5　mW　was　obtained　at　11　mA　for　the　8.3　μm　oxide　aperture,　slope　efficiency　was　0.702　mW/mA,　and　the　emission　wavelength　was　970　nm.