Directly modulated 850-nm multimode vertical-cavity surface-emitting lasers (MM-VCSELs) with different oxide apertures and transmission microstrip lengths are compared on the transmission performance of the non-return-to-zero on-off keying (NRZ-OOK) and four-level pulse amplitude modulation (PAM-4) data formats. In this work, intrinsic and extrinsic responses of the MM-VCSEL are also discussed concurrently. By tuning the length of the transmission microstrip in VCSEL, the low reflection coefficient and the enhanced 3-dB modulation bandwidth are achieved. The inductance of the transmission microstrip in the series connection with the capacitance in the active region is optimized to reduce the power loss induced by imaginary impedance. The different oxide aperture sizes for MM-VCSEL are also studied to control the capacitance and photon density. More importantly, the 3-dB modulation bandwidth, impedance matching, slope efficiency, relative intensity noise (RIN), and mode partition noise (MPN) for the MM-VCSEL with various designs are discussed to determine the best device with the high-speed transmission capability. The optimal MM-VCSEL with a diameter of 7 µm oxide aperture and a length of 25 µm transmission microstrip successfully demonstrates 50-Gbit/s OOK and 84-Gbit/s PAM4 after using the pre-emphasis technique for future data-center applications.