In this paper, a new equivalent circuit model for quantum-well laser diode (LD) is proposed. The model includes carrier transport effects in the SCH region, and rprovides, in a stable and accurate manner, large-and small-signal responses of laser diode output power as function of injected currents. SPICE simulation was performed using the circuit model and results are presented for L-I characteristics, pulse and frequency responses under various conditions. It is expencted that the new equaivalent circuit model will find useful applications for designing and analyzing OEIC, LD driver circuits, and LD packaging.