This work describes the theory, simulation and optical characterization of semiconductor microcavities used to change the color of light and generate ultrashort pulses. Samples were fabricated by MBE with GaAs and AlAs in structures composed of two Bragg mirrors and a GaAs spacer, creating Fabry-Pérot cavities. Reflectance and transmittance spectra were simulated with the transfer-matrix method considering realistic models of the materials optical properties. Optical characterization was performed using FTIR spectroscopy and Ring-Down experiments with a streak camera. Quality factors in excess of 10(5) were observed, corresponding to storage times larger than 100 ps. Color-change experiments using a pump and probe optical setup were performed. The generation of ultra-short pulses with micropillar cavities was investigated. Time-resolved microphotoluminescence and optical cavity switching were employed to characterize the cavities. The complete ultrafast process of switching resonant modes of a semiconductor cavity using all-optical free carrier injection has been clearly observed for the first time.