III‐V semiconductors are favoured photo absorber materials for solar energy conversion due to their ideal bandgap, yet their high‐cost hinders widespread adoption. Utilizing thin films of these semiconductors presents a viable way to address the cost‐related challenges. Here, a novel mechanical exfoliation technique is demonstrated, also known as controlled spalling, as a cost‐effective and facile way to obtain thin films of III‐V semiconductors. As a proof of concept, 15 μm thick InP films are successfully exfoliated from their original wafers. Thorough characterization using cathodoluminescence and photoluminescence spectroscopy confirms that the opto‐electronic properties of the exfoliated InP films remain unaffected. Utilizing these InP thin films, InP thin‐film heterojunction solar cells with efficiencies exceeding 13% are demonstrated. Additionally, InP photoanodes are fabricated by integrating NiFeOOH catalyst onto these InP thin‐film solar cells, achieving an impressive photocurrent density of 19.3 mA cm−2 at 1.23 V versus reversible hydrogen electrode, along with an applied bias photon‐to‐current efficiency of ≈4%. Overall, this study showcases the efficacy of controlled spalling in advancing economically viable and efficient III‐V semiconductor‐based solar energy conversion devices.