Optical and photoelectric properties of metamorphic InAs/InGaAs and conventional pseudomorphic InAs/GaAs quantum dot (QD) structures were studied. We used two different electrical contact configurations that allowed us to have the current flow (i) only through QDs and embedding layers and (ii) through all the structure, including the GaAs substrate (wafer). Different optical transitions between states of QDs, wetting layers, GaAs or InGaAs buffers, and defect-related centers were studied by means of photovoltage (PV), photoconductivity (PC), photoluminescence (PL), and absorption spectroscopies. It was shown that the use of the InGaAs buffer spectrally shifted the maximum of the QD PL band to 1.3 μm (telecommunication range) without a decrease in the yield. Photosensitivity for the metamorphic QDs was found to be higher than that in GaAs buffer while the photoresponses for both metamorphic and pseudomorphic buffer layers were similar. The mechanisms of PV and PC were discussed for both structures. The dissimilarities in properties of the studied structures are explained in terms of the different design. A critical influence of the defects on the photoelectrical properties of both structures was observed in the spectral range from 0.68 to 1.0 eV for contact configuration (ii), i.e., in the case of electrically active GaAs wafer. No effect of such defects on the photoelectric spectra was found for configuration (i), when the structures were contacted to the top and bottom buffers; only a 0.83 eV feature was observed in the photocurrent spectrum of pseudomorphic structure and interpreted to be related to defects close to InAs/GaAs QDs.