Abstract: A review is presented of the historic impact of energy band theory and crystal lattice dynamics on the development of semiconductor science and technology. Attention is focused on the implications of certain vital physical effects in semiconductors, and their contributions to the development of optoelectronic devices and technology. The state-of-the-art and future development of modern optoelectronic high-tech industry as represented by semiconductor lasers are described, as well as the main strategies for its sustainable development.