A multi-band (multi-color) multiwavelength mode locked laser diode is provided by dynamic phase compensation of a quantum dot active medium. The laser diode is provided with a PIN diode structure where the active medium consists of a plurality of layers of quantum dots such as those produced by self-assembly from known chemical beam epitaxy methods. The multiplicity of bands may be produced by AC Stark splitting, frequency selective attenuation, or by the inclusion of multiple different layers having different, respective, peak ASE emissions. Dispersion compensation within laser facets, waveguides, and the optically active media permit the selection of a fixed dispersion within the cavity. A dynamic group phase change induced by the AC Stark effect permits compensation of the fixed dispersion sufficiently to produce an intraband mode-locked laser. Even interband mode locking was observed.