From the inception of III-V microsystems, monolithically integrated device designs have been the motivating drive for this field, bringing together the utility of single-chip microsystems and conventional fabrication techniques. Indium phosphide (InP) has a particular advantage of having a direct bandgap within the low loss telecommunication wavelength (1550 nm) range, able to support passive waveguiding and optical amplification, detection, and generation depending on the exact alloy of In, P, As, Ga, or Al materials. Utilizing epitaxy, one can envision the growth of a substrate that contains all of the components needed to establish a single-chip optical microsystem, containing detectors, sources, waveguides, and mechanical structures. A monolithic InP MEMS system has, to our knowledge, yet to be realized due to the significant difficulties encountered when fabricating the integrated devices. In this paper we present our own research and consolidate findings from other research groups across the world to give deeper insight into the practical aspects of InP monolithic microsystem development: epitaxial growth of InP-based alloys, etching techniques, common MEMS structures realized in InP, and future applications. We pay special attention to shedding light on considerations that must be taken when designing and fabricating a monolithic InP MEMS device.