Relative intensity noise (RIN) and high-speed modulation characteristics are investigated for an AlGaInAs/InP hybrid square-rectangular laser (HSRL) with square side length, rectangular length, and width of 15,300, and 2 μm, respectively. Single-mode operation with side-mode suppression larger than 40 dB has been realized for the HSRL over wide variation of the injection currents. In addition, the HSRL exhibits a 3 dB modulation bandwidth of 15.5 GHz, and an RIN nearly approaches standard quantum shot-noise limit 2hv/P= 164 dB/Hz at high bias currents due to the strong mode selection of the square microcavity. With the increase of the DC bias current of the Fabry–Perot section, significantly enhanced modulation bandwidth and decreased RIN are observed. Furthermore, intrinsic parameters such as resonance frequency, damping factor, and modified Schawlow–Townes linewidth are extracted from the noise spectra.