The exceptional performance of self-assembled Quantum Dot (QD) materials renders them extremely appealing for their use as optical communications devices. As lasers, they feature reduced and temperature independent threshold current and proper emission wavelength at the fiber telecommunication windows. These characteristics, together with the low linewidth enhancement factor and broad spectrum, make QD materials extremely attractive for application as light emitters or amplifiers. There exist, nevertheless, several unclear issues which prevent QDs from conquering the new generation of optoelectronic devices. Their differential efficiency is lower than expected. The output power of QD lasers is lower than that of their quantum well counterpart. Still, it is their dynamics which has incited the majority of studies. The modulation bandwidth of these devices seems to be limited by the relaxation of carriers from the upper energetic layers to the low levels within the dot. Besides, the electron-hole interaction is widely unknown, the extent of the electron-hole Coulombic attraction is not yet established. Throughout this thesis I present a theoretical and experimental study of the gain and phase dynamics of quantum dot lasers. I explain the appearance of different decay times observed in pump and probe experiments in QD amplifiers as a result of the different electron and hole relaxation times, by means of an electron-hole rate-equation model. The ultrafast hole relaxation first leads to an ultrafast recovery of the gain, which is then followed by electron relaxation and, on the nanosecond timescale, radiative and non-radiative recombinations. The phase dynamics is slower and is affected by thermal redistribution of carriers within the dot. Our results corroborate with spectral measurements of the dephasing and gain in QD amplifiers. Additionally, our work is compared with existing pump and probe results. Exploiting the capacity of QD lasers to emit at two different wavelengths corresponding to the ground state (GS) and excited state (ES), I present a theoretical study of the QD dynamics, based on a linearization of the QD rate-equations. The results predict the existence of single oscillation frequency of GS and ES, meaning that both states are highly coupled. In order to verify our theory, we perform two kinds of experiments. By modulating these lasers at high frequency, we measure separately the dynamics of GS and ES. However, in contradiction to our theory, two different modulation frequencies are found. Additional temporally-resolved measurements of the laser dynamics reveal a surprising effect. By injecting a sub-bandgap pump in an InAs/InGaAs QD laser, the emitted photons are depleted. Through additional transmission and photocurrent measurements, we relate this observation with carrier photoexcitation, which was so far only theoretically addressed. The role of carrier photoexcitation in our experimental laser dynamics is further supported by a