Large signal modulation characteristics of the simultaneous ground-state (GS) and excited-state (ES) lasing quantum dot lasers are theoretically investigated. Relaxation oscillations of ‘0 → 1’ and ‘1 → 0’ in the GS lasing region (Region I), the transition region from GS lasing to two-state lasing (Region II) and the two-state lasing region (Region III) are compared and analyzed. It is found that the overshooting power and settling time in both Regions I and III decrease as the bias current increases. However, there exist abnormal behaviors of the overshooting power and settling time in Region II owing to the occurrence of ES lasing, which lead to fuzzy eye diagrams of the GS and ES lasing. Moreover, the ES lasing in Region III possesses much better eye diagrams because of its shorter settling time and smaller overshooting power over the GS lasing in Region I.