The material characteristics of tunnel-junction-regenerated multiple active regions intracavity-contacted Vertical Cavity Surface Emitting Lase have been investigated. The gain peak wavelength, the resonance cavity wavelength, the center wavelength of Distributed Bragg Reflector(DBR) and the thickness deviation of VCSEL were obtained. If the cavity resonance wavelength was above 20 nm longer than the gain peak wavelength, threshold condition couldn't be satisfied, so VCSEL couldn't lase. Tunnel-junction-regenerated two active regions VCSEL lased under room temperature, which was agreed with the analyzed grown parameter. Light output power of 5 mW was obtained at 11 mA for the 8.3 μm oxide aperture, slope efficiency was 0.702 mW/mA,and the emission wavelength was 970 nm.