Provided are a vertical cavity surface emitting laser (VCSEL) module providing accurate alignment between a VCSEL and a monitoring photodiode (MPD) for efficiently detecting light emitted by the VCSEL and a method of fabricating the VCSEL module. The VCSEL module includes: a first mirror layer, a first semiconductor conducting layer, an active layer, a tunnel junction layer, and a second semiconductor conducting layer sequentially formed on a first region in a substrate having first and second regions; a MPD disposed on a portion of the second semiconductor conducting layer in the first region; and a VCSEL including layers having the same shapes as the first mirror layer, the first semiconductor conducting layer, the active layer, the tunnel junction layer and the second semiconductor conducting layer in the first region, and a second mirror layer formed on a portion of the second semiconductor conducting layer, and sequentially formed on the second region in the substrate. The predetermined distance is set so that light emitted by the VCSEL can be detected by the MPD.