A detailed study of the performance analysis of a low-cost PIN/heterojunction bipolar transistor (HBT) opto-electronic integated circuit (OEIC) is described. Measured and of 54 and 57 GHz for 10 × 10 µm² HBTs were achieved for such a large emitter size. The base and collector regions of the transistor were utilised to form a PIN photodiode which has a dc responsivity and quantum efficiency of 0.5 A/W and 0.45, respectively, without antireflection coating at a wavelength of 1.55 µm. For both active devices, a model was realised taking all parasitic and physical-based impacts into account, for example, equivalent circuit of the pads surrounding the devices and transit delay time across the collector depletion region. The simulation results of the discrete passive and active elements showed good agreement with experimental measurements. The OEIC module was implemented in Keysight-advanced design system software with a three-stage preamplifier which has a transimpedance gain of 40 dB Ω and a −3 dB bandwidth of 18 GHz. This corresponds to a transimpedance-gain product of 1.8 THz. A series peaking inductor technique was used in the design, contributing to an enhancement in the opto-electrical bandwidth of >60%. The optical/electrical response offers a bandwidth of ∼15 GHz, adequate for up to 20 Gb/s data rate operation.