Due to the long life and high reliability of vertical cavity surface-emitting lasers, the performance degradation experiment cost is high, and the experiment cycle is long, because the degradation failure process of a semiconductor laser is a monotonic decreasing process, and the amount of performance degradation is independent for each function. Therefore, based on the Gamma process, the degradation performance of vertical cavity surface-emitting lasers has been modeled and analyzed in this paper. First, a model is given based on the Gamma process. Then, the failure distribution of the product is determined by analyzing the first arrival time distribution of the process, and then, the reliability of the product is statistically deduced to determine the residual life distribution of the device. Finally, combined with the data obtained from accelerated aging experiments, the product failure time of 261 470 hours is deduced, approximately 30 years. The model is in good agreement with the experimental results, which proves the validity of the model and provides a theoretical basis for the analysis of the reliability of the vertical cavity surface-emitting laser. According to the model, the reliability of the device decreases to 0.9994 after 100 000 hours of operation.