We have observed saturation of absorption and gain in ensembles of InAs/GaAs self-assembled quantum dots at room temperature with continuous-wave driving in the 1.24–1.28 μm wavelength range. The saturation intensity was found to be Isat=(1.4–4.5)×109 W/m2 in absorption and Isat=(0.2–3.8)×109 W/m2 in gain, depending on the detuning.