High‐performance continuous‐wave (CW) vertical‐cavity surface‐emitting lasers (VCSELs) rely on efficient thermal management for which top‐emitting 930 nm thin‐film VCSELs are integrated with a copper‐plated heatsink by using a double‐transfer technique, exhibiting the low‐power consumption, high‐power, and temperature‐stable VCSEL operation. In this study, the top‐emitting 930 nm thin‐film VCSEL structures, including the highly n‐doped GaAs ohmic and lattice‐matched InGaP etch‐stop layers, are epitaxially grown via a low‐pressure metalorganic chemical vapor deposition (LP‐MOCVD) system. The electrical and optical properties of the substrate‐removal thin‐film VCSELs are investigated under CW operation, compared to those of the bulk‐type VCSELs onto the n‐GaAs substrates. The differential series resistance (85.92 Ω) of the thin‐film VCSEL is 9.16% lower than 94.59 Ω of the bulk‐type VCSEL onto the n‐GaAs substrates. The thermal resistance (607 K W−1) of the thin‐film VCSEL is 46.33% lower than 1131 K W−1 of the bulk‐type VCSEL, by which the maximum peak power (11.70 mW) of the thin‐film VCSEL at 24 mA is 12.07% higher than 10.44 mW of the bulk‐type VCSEL at 22.40 mA under room temperature (25 °C).