In quantum dots, where confinement is strong, interactions between charge carriers play an essential role in the performance of semiconductor materials for optical gain. Therefore, understanding this phenomenon is critical for achieving new devices with enhanced features. In this context, the current study examines the optical properties of an exciton confined in a spherical InAs quantum dot under the influence of magnetic and intense laser fields. We investigate the oscillator strength, exciton lifetime, and optical gain, considering the effects of both external fields. We also pay particular attention to the influence of quantum dot size on the results. Our calculations show that the two external fields have opposite effects on our findings. Specifically, the applied magnetic field increases the oscillator strength while the intense laser reduces it. In addition, the optical gain peaks are redshifted under the application of the intense laser, whereas the magnetic field causes a blueshift of the peak threshold. We also find that both external perturbations significantly influence the exciton lifetime. Our study considers the outcomes of both the exciton’s ground (1s) and first excited (1p) states. The theoretical results obtained in this study have promising implications for optoelectronic devices in the ∼3–4 μm wavelength range only through the control of quantum dot sizes and external perturbations.