We report experimental and theoretical investigations with an in-house fabricated Tris(8‐hydroxyquinoline)‐aluminum (Alq3)-based high-speed μ-OLEDs and demonstrate very promising optical pulse responses as short as 400 ps. With a model for an electrically pumped OLED, we simulate the emission of sub-nanosecond optical pulses. The model includes field-dependent (Poole-Frenkel) Langevin recombination and reabsorption of photons by singlets (Stokes-shifted), and by triplets (TA). The good agreement between the measurement and the simulation is the basis for further study of the prospects on the ps time scale, i.e., stimulated emission and conditions for laser operation. For an Alq3-based micro-OLED with high-Q optical cavity, we predict pulsed laser operation with damped relaxation oscillations in the GHz regime and several orders of magnitude linewidth narrowing, but only during 3 ns at most. The simulated current density threshold values vary from 10 kA/cm2 for Q = 500 to less than 1 kA/cm2 for Q = 1000. No CW lasing is found due to the accumulation of triplet excitons for t > 5 ns, which has two deteriorating effects, (1) suppression of the gain-providing singlet excitons due to singlet-triplet absorption (STA) and (2) suppression of the photon density due to photon absorption by triplets (TA). Prospects for CW-lasing with other organic molecules are discussed.