Fabry–Perot laser diodes based on (Al, Ga)As and Ga(As, Bi) with single or multiple parabolic or rectangular-shaped quantum wells (QWs) emitting at the 780–1100 nm spectral range were fabricated and investigated for optimization of the laser QW design and composition of QWs. The laser structures were grown using the molecular beam epitaxy (MBE) technique on the n-type GaAs(100) substrate. The photolithography process was performed to fabricate edge-emitting laser bars of 5 μm by 500 μm in size. The temperature-dependent power-current measurements showed that the characteristic threshold current of the fabricated LDs was in the 60–120 mA range. Light and current characteristics were almost linear up to (1.2–2.0) Ith. Low-frequency 10 Hz–20 kHz electrical and optical noise characteristics were measured in the temperature range from 70 K to 290 K and showed that the low-frequency optical and electrical noise spectra are comprised of 1/f and Lorentzian-type components. The positive cross-correlation between optical and electrical fluctuations was observed.