Spectral and light-current characteristics of lasers based on the asymmetric separate-confinement heterostructures InGaAs/InGaAsAl/InP and InGaAs/GaAs/AlGaAs/GaAs were studied in the pulsed mode of lasing. It is shown that, at high levels of current pumping, the charge-carrier concentration in the active region of semiconductor lasers for the near-infrared optical region increases beyond the oscillation threshold; drastic saturation of the light-current characteristics is observed. Processes occurring in lasers as the charge-carrier concentration increases beyond the lasing threshold are studied theoretically. It is established that, at high pump levels, the rate of stimulated recombination decreases, the lifetime of charge carriers increases, and both the concentration of emitted photons and the quantum yield of stimulated radiation decrease. It is shown that variations in stimulated recombination, the decrease in the quantum efficiency, and saturation of the light-current characteristic in semiconductor lasers at high levels of current pumping are caused by the contribution of the nonradiative Auger recombination.