Two‐color lasing in a GaAs/AlAs coupled multilayer cavity has been studied for a novel type of terahertz emitting devices. In the structure, two cavity layers based on GaAs were connected by the intermediate GaAs/AlAs distributed Bragg reflector multilayer and three layers of self‐assembled InAs quantum dots (QDs) were inserted only in the top‐side cavity layer as optical gain materials. The broadened QD emissions around 1.25 µm are very useful to realize the optical gain because they could cover the wide range of the mode frequency difference. Two mode emissions with an optical frequency difference of 3.2 THz were successfully demonstrated under room temperature cw operation by optical pumping. (© 2013 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)