Vertical-External-Cavity Surface-Emitting Lasers (VECSELs) have gained significant attention over the past two decades due to their versatility in a wide range of photonic applications. This review focuses on VECSEL configurations for dual-wavelength emission, highlighting their use in high-resolution spectroscopy, terahertz (THz) generation, and advanced optical communication. We explore recent developments in VECSEL designs, including systems utilizing birefringent crystals for polarization-based frequency separation and configurations with dual VECSEL chips or dual gain regions within a single cavity. These two-wavelength VECSELs enable diverse operation modes, including narrow-linewidth, pulsed, multimode, and frequency-converted emission, with high-brightness output, excellent beam quality, and tunable wavelengths. Additionally, the review discusses advancements in dual-frequency VECSELs, with applications in LIDAR systems for environmental monitoring, highly stable optical clocks, and fiber sensors. We examine improvements in cavity design, semiconductor structures, and power stabilization, which have enhanced frequency stability and spectral purity, making VECSELs suitable for precision metrology and sensing applications.