Semiconductor III-V photonic crystal (PC) laser is regarded as a promising ultra-compact light source with unique advantages of ultralow energy consumption and small footprint for the next generation of Si-based on-chip optical interconnects. However, the significant material dissimilarities between III-V materials and Si are the fundamental roadblock for conventional monolithic III-V-on-silicon integration technology. Here, we demonstrate ultrasmall III-V PC membrane lasers monolithically grown on CMOS-compatible on-axis Si (001) substrates by using III-V quantum dots. The optically pumped InAs/GaAs quantum-dot PC lasers exhibit single-mode operation with an ultra-low threshold of ~0.6 μW and a large spontaneous emission coupling efficiency up to 18% under continuous-wave condition at room temperature. This work establishes a new route to form the basis of future monolithic light sources for high-density optical interconnects in future large-scale silicon electronic and photonic integrated circuits.