Growth of InAs quantum dots (QDs) in metamorphic InGaAs matrix for long‐wavelength laser applications on GaAs substrates by molecular beam epitaxy (MBE) is demonstrated. Metamorphic InGaAs matrix is based on a five‐step graded InGaAs metamorphic buffer layer (MBL) with a final indium composition of about 40%. Reciprocal space mapping for the asymmetrical (−2 2 4) and (2 2 4) reflections along the [−1 1 0] and [1 1 0] directions shows anisotropic relaxation along these two directions. The metamorphic InGaAs matrix is more relaxed along [−1 1 0] direction but nearly fully strained along [1 1 0] direction. InAs QDs are embedded in two InGaAs confining layers with the same indium composition. Emission at 1.6 μm from metamorphic InAs QDs and 1.42 μm emission from metamorphic InGaAs matrix at room temperature (RT) are observed, respectively. The activation energy of ≈94.6 meV is obtained.