We present an analysis of the high‐speed characteristics of quantum well lasers by simultaneously considering the effects of spectral hole burning, carrier heating, and carrier transport. An exact form of the small‐signal modulation response is obtained. The effects of carrier dephasing time in spectral hole burning, energy relaxation time in carrier heating, and diffusion‐capture‐escape times in carrier transport on the modulation response of quantum well lasers are theoretically investigated. ©1995 American Institute of Physics.