AbstractWe introduce a theoretical model to describe the dynamics of an electrically pumped single quantum dot interacting with a microcavity. Within our framework, it is possible to study the full photon statistics of the quantum light emission for different pump rates and to include semiconductor specific Pauli‐ blocking effects in the polarization dynamics. In the single photon limit, we find that, compared to comparable atomic systems, two photon events are suppressed stronger by the carrier reservoir of the quantum dot. (© 2010 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)