In order to study the reliability lifetime model and failure mode of oxidized vertical cavity surface-emitting lasers （VCSELs）, aging experiments are performed on oxidized VCSELs containing AlGaAs/GaAs quantum wells under different stress conditions. The failure lifetime of VCSELs under different stress conditions is obtained using extrinsic function, and then the median lifetime under different stress conditions is obtained. Combined with the junction temperature of VCSELs, an accurate lifetime model is obtained. Finally, the main failure characteristics and causes of oxidized VCSELs are analyzed by transmission electron microscopy（TEM）. The test results show that the lifetime model parameter activation energy of oxidized VCSELs containing AlGaAs/GaAs quantum wells is 0.55 eV and the current acceleration factor is 2.01. The failure reason of oxidized VCSELs is mainly related to the oxide layer with internal stress.