Vertical-cavity surface-emitting lasers (VCSELs) have emerged as a pioneering solution for many high-speed data communication challenges. Compared to large-signal analyses, the small-signal modulation response of a VCSEL can be isolated from the entire system, thus providing accurate information on the intrinsic laser dynamics. An alternative approach to that of using the rate equations is to transform theses rate equations to an equivalent circuit model. The dynamic operation characteristics including the device-circuit interaction can then be modeled and optimized using a circuit simulation software. Until now, it was assumed that the dynamic behavior of oxide-confined multi-mode VCSELs can be modeled using the single-mode rate equations developed for edge-emitters, even though the deviation between the single-mode based model and the measured data is substantially large. Furthermore, equivalent electrical circuit modeling of the VCSELs’ intrinsic dynamics was only done by modeling derived from the single-mode rate equations. Therefore, a new electrical circuit model, that can accurately describe the dynamic behavior of these VCSELs, is needed. In this work, electrical circuit modeling of the dynamic performance of multi-mode VCSELs, for the case where lasing modes do not share a common carrier reservoir, is presented. The electrical circuit model is derived from innovative advanced multi-mode rate equations that take into account the effect of spatial hole burning, gain compression, and inhomogeneity in the carrier distribution. The validity of the model is affirmed through experimental data fittings and plots of their modulation response are presented.