A strain-compensated InP-based quantum cascade laser (QCL) structure emitting at 4.6 μm is demonstrated, based on a two-phonon resonant design and grown by solid-source molecular beam epitaxy (MBE). By optimizing growth parame-ters, a very high quality heterostructure with the lowest threshold current densities ever reported for QCLs was fabricated. Threshold current densities as low as 0.47 kA/cm2 in pulsed operation and 0.56 kA/cm2 in continuous-wave (cw) operation at 293 K were achieved for this state-of-the-art QCL. Minimum power consumption of 3.65 W was measured for the QCL, uncooled, with high-reflectivity (HR) coating on its rear facet.