Wavelength-tunable InAs quantum dots (QDs) embedded in lattice-matched InGaAsP on InP(100) substrates are grown by metalorganic vapor-phase epitaxy (MOVPE). As/P exchange, which causes a QD size and an emission wavelength that are very large, is suppressed by decreasing the QD growth temperature and V–III flow ratio. As/P exchange, QD size and emission wavelength are then reproducibly controlled by the thickness of ultrathin [0–2 monolayers (ML)] GaAs interlayers underneath the QDs. Submonolayer GaAs coverages result in a shape transition from QDs to quantum dashes for a low V–III flow ratio. It is the combination of reduced growth temperature and V–III flow ratio with the insertion of GaAs interlayers of greater than 1 ML thickness which allows the tuning of the emission wavelength of QDs at room temperature in the 1.55 µm wavelength range. Temperature-dependent photoluminescence (PL) measurements reveal the excellent optical properties of the QDs. Widely stacked QD layers are reproduced with identical PL emission to increase the active volume while closely stacked QD layers reveal a systematic PL redshift and linewidth reduction due to vertical electronic coupling, which is proven by the fact that the linear polarization of the cleaved-side PL changes from in-plane to isotropic. Ridge-waveguide laser diodes with stacked QD layers for their active regions exhibit threshold currents at room temperature in continuous-wave mode that are among the lowest threshold currents achieved for InAs/InP QD lasers operating in the 1.55 µm wavelength range.