Traditional top-emitting vertical-cavity surface-emitting lasers (VCSELs) exhibit a long distance between the source region and heat sink, and internal heat conduction of the device is difficult, resulting in limited output power of both single-tube and array devices. To address these limitations, this study proposes a top-emitting VCSEL with a heat dissipation hole on the substrate. This hole is located directly below the countertop and is filled with high-thermal-conductivity materials, enabling rapid heat transfer from within the device. This design ensures mechanical support for the entire structure while improving the heat dissipation capacity. Simulation results indicate that the thermal flip power of the VCSEL device with a heat dissipation hole is 9.54 mW, representing a 36.4% increase compared to VCSEL devices without a heat dissipation hole. VCSEL devices with an oxidation aperture of 12 μm are prepared and tested under a duty cycle of 0.6%. The peak power of the VCSEL with a heat dissipation hole reaches 9.59 mW, which is 31% higher than that of the VCSEL without a heat dissipation hole.