Provided are an etching method for a multi-layered structure of semiconductors in groups III-V and a method of manufacturing a VCSEL using the etching method. According to the etching method, a stacked structure including a first semiconductor layer and a second semiconductor layer is exposed to a plasma of a mixture consisting of Cl2, Ar, CH4, and H2 to etch the stacked structure, so that a mirror layer of the VCSEL is formed. The first semiconductor layer is formed of a semiconductor in groups III-V and the second semiconductor layer is formed of a semiconductor in groups III-V, other than the semiconductor of the first semiconductor layer. At least part of a lower mirror layer, a lower electrode layer, an optical gain layer, an upper electrode layer, and an upper mirror layer is etched using one time of an etching process, so that a clean and smooth etched surface is obtained.