We numerically and experimentally demonstrate a technique for performing all optical wavelength conversion with simultaneous clock division based on the period-one oscillation and cross-gain modulation effect in an optically injected semiconductor laser. Through the numerically simulation, the results that 18 GHz divided optical clock with wavelength down conversion of 5nm can be obtained from 2 18 Gb/s optical time division multiplexed data stream. Moreover, the dependence of output signal on signal light strength, probe light strength, wavelength detuning, and bias current are also investigated, respectively. A proof-concept experiment is demonstrated with 12.4 GHz optical clock division and 4.33nm wavelength down conversion. The experimental results are consistent well with that of the numerical simulations.