A saturable absorber (SA) based on a high-contrast grating (HCG) having a buried layer of quantum structures for absorption, and which is particularly well suited for use in a mode-locked application. The HCG-SA provides three times the bandwidth compared with traditional DBR structures, while exhibiting a lower saturation fluence due to the field enhancement inside the grating. Varying grating bar width over one or two axis provides lensing effects on the optical output, while chirping of the period and duty cycle changes optical phase relationships. Novel VCSEL embodiments with external or internal cavities are described using the HCG-SA.