The results of photoexcited carrier dynamics and optically detected microwave resonance (ODMR) spectroscopy of smallsize InAs/GaAs quantum dots (QDs) are presented. Very long lifetimes (1-10 ns) of photoexcited carriers were observed in this system by time-resolved photoluminescence measurements. This feature could be exploited to develop high-sensitivity infrared photodetectors based on small-size quantum dots. The ODMR spectra of InAs/GaAs QDs were detected via modulation of the total intensity of the QDs emission induced by 95 GHz microwave excitation, and the exciton fine structure was studied. The microwave-induced signal at magnetic field of 1.6 T was attributed to magnetic resonance transitions between spin states of holes confined in the dots. The obtained low field (at 0.18 T) signal is ascribed to cyclotron resonance of the electron in a two-dimensional wetting layer, corresponding to an effective electron mass of 0.053m0.