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Modelocked semiconductor lasers are used to generate a set of phase-locked optical frequencies on a periodic grid. The periodic and phase coherent nature of the optical frequency combs makes it possible for the realization of high-performance optical and RF arbitrary-waveform synthesis. In addition, the resulting optical frequency components can be used for communication applications relying on direct detection, dense wavelength division multiplexing (WDM), coherent-detection WDM, optical time-division multiplexing, and optical code division multiple access. This paper highlights the recent results in the use of optical frequency combs generated from semiconductors for ultrawideband signal processing and communication applications.