GaAs&sngbnd;AlxGa1−xAs double‐heterostructure (DH) lasers that exhibit laser properties similar to DH lasers prepared by liquid‐phase epitaxy have been prepared by molecular‐beam epitaxy. For a structure with a 0.53‐&mgr;‐thick active layer, the as‐grown threshold current density at room temperature was 3.5×104A/cm2, but by annealing the threshold was reduced to 4.0×103A/cm2.