The large-signal modulation characteristics of a GaN-based micro-LED have been studied for Gbps visible-light communication. With an increasing signal modulation depth the modulation bandwidth decreases, which matches up with the increase in the sum of the signal rise time and fall time. By simulating the band diagram and the carrier recombination rate of the micro-LED under large-signal modulation, carrier recombination and the carrier sweep-out effect are analyzed and found to be the dominant mechanisms behind the variation of modulation bandwidth. These results give further insight into improving the modulation bandwidth for high-speed visible-light communication.