The suitable direct bandgap, high carrier mobility, biologically nontoxicity, and size‐dependent physical properties of low‐dimensional indium phosphide InP (0D, 1D, and 2D) have attracted great interest from scientists. The appealing optical and electronic properties make them promising for the fabrication of state‐of‐the‐art nanoscale electronic and optoelectronic devices including photodiode, photodetector, and solar cells. This Review focuses on the recent development of low‐dimensional InP materials. The synthesis methods and growth mechanisms of high quality low‐dimensional InP are comprehensively recapped. The multifunctional applications in electronic and optoelectronic devices of low‐dimensional InP are discussed, and typical strategies to resolve the main challenges limiting the performance of low‐dimensional InP‐based application are then reviewed. Finally, a brief perspective on the challenges and opportunities of low‐dimensional InP in synthesis, electronics, and optoelectronics applications is also provided.