Directly modulated vertical-cavity surface-emitting lasers (VCSELs) are commonly used in short-reach optical interconnect applications. To enable efficient optical interconnect transceiver systems operating at data rates up to 25 Gb/s and beyond, cosimulation environments, which allow for the optimization of driver circuitry with accurate compact VCSEL models, are necessary. A comprehensive VCSEL model, which captures thermally dependent electrical and optical dynamics and provides direct current, small-, and large-signal simulation capabilities with self-consistency, is presented. The device’s electrical behavior is described with an equivalent circuit, which captures both large-signal operation and electrical parasitics, while the optical response is captured with a rate-equation-based model. Bias and temperature dependencies are incorporated into both key electrical and optical model parameters. Experimental verification of the model is performed at 25 Gb/s with a 990-nm VCSEL to study the impact of bias current level and substrate temperature.