We report on the lasing characteristics of a single vertical-cavity surface-emitting laser (VCSEL) with InGaAs/GaAs multiple-quantum-wells under high-power pulsed operations. External quantum efficiency was improved by decreasing carrier overflow in the active region, and it was found that increasing the number of quantum wells suppressed carrier overflow. The highest peak pulsed power of over 12.5 W at an injection current of 20 A was achieved by a single VCSEL with five InGaAs quantum wells (QWs) in the active region.