InGaN-based micro-light-emitting diodes (micro-LEDs) are crucial for efficient full-color micro-displays, but suffer from severe degradation of external quantum efficiency (EQE) with size reduction. In this study, the impacts of chemical treatment on the sidewall condition and the EQE of the 10 μm InGaN-based blue and green micro-LEDs were demonstrated. The sidewall treatment can effectively alleviate the residual damage caused by dry etching and suppress the nonradiative recombination, facilitating the achievement of high internal quantum efficiency (IQE). Nevertheless, the sidewall light extraction of the micro-LEDs with smoother sidewall morphology after tetramethylammonium hydroxide (TMAH) treatment is lower than those with rough and prismatic sidewall surface. By utilizing microscopic hyperspectral imaging, the difference in chromatic properties between the inner region and the whole micro-LED caused by dry etching can hinder the stability of chromatic properties of InGaN-based blue micro-LEDs, which can be alleviated by sidewall treatment. The optimal duration for TMAH treatment is obtained as 10 min for both blue and green micro-LEDs, which is the consequence of the compromise between sidewall light extraction efficiency (LEE) and IQE, whereas the improvement of IQE by sidewall treatment for green micro-LEDs is less significant compared to that for blue ones, which can be attributed to the higher dislocation density and recombination via localized states of green InGaN micro-LEDs. This work demonstrates the evolution of IQE and LEE for blue and green micro-LEDs with different sidewall treatment strategies to achieving the ultimate EQE.