III‐V semiconductors, known for their optoelectronic properties and versatile engineering capabilities, play a crucial role in the fabrication of Micro light‐emitting diodes (Micro‐LEDs). Recent advances in research underscore that the optoelectronic performance of Micro‐LEDs can be significantly enhanced using various strategies, such as passivation and distributed Bragg reflectors (DBRs), the incorporation of metamaterials and plasmonics, and the integration of 2D materials. By implementing these diverse integration strategies, Micro‐LEDs based on III‐V semiconductors have demonstrated remarkably high External Quantum Efficiency (EQE) spanning orders of magnitude across the spectrum, from deep‐ultraviolet (DUV) to the long‐wavelength infrared (LWIR) regions. In this review, the main III‐V semiconductors used in Micro‐LEDs are discussed. Additionally, an overview of the fabrication processes and integration techniques relevant to Micro‐LED‐based technologies is provided. Furthermore, the factors that influence the figure of merit in a wide range of Micro‐LEDs based on III‐V semiconductors, taking into account quantum efficiency, emission wavelength, and electrical injection, are examined. Finally, the discussion highlights several applications of Micro‐LEDs, provides a summary, and outlines future directions for the development of Micro‐LEDs based on III‐V semiconductors.