This paper describes the theoretical design and performance of a novel InGaN‐based 1.55 μm quantum well laser. A careful analysis of the optical and modal gain, threshold behavior, optical output, and efficiency with cavity length has been carried out. The spectral range of the optical material gain is found to be narrow and modal gain varies sharply with changing the reflectivity of the partially transparent mirror. It is found that a very small voltage of 1.10 V is required to reach the threshold current. A very small threshold current of 5.1 mA is required to emit the light. The calculated values of threshold current and threshold voltage are lower than the reported values of the conventional 1.55 μm laser. An efficiency of around 59% is found for a cavity length of 300 μm keeping the reflectivity at 35% of one mirror and 100% of other. The above study indicates that the proposed InGaN‐based 1.55 μm laser is very promising for the fabrication of future high performance laser (© 2010 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)