InP epitaxial layers are grown on (100) surfaces of InP substrates by molecular‐beam epitaxy (MBE). Layers grown at a substrate temperature of 450 °C with beam intensity ratio 124P+4/115In+?100 have mirror‐smooth surfaces. Undoped epilayers are n type, with a carrier concentration of 1–3×1016 cm-3 and an electron mobility of 3000 cm2/V sec at room temperature. The photoluminescent (PL) intensity is comparable to that of bulk and liquid phase epitaxial InP, while the intensity of deep‐level emission is smaller than that of them. PL topographs of MBE epilayers are featureless as compared with those of bulk crystals. Deep‐level transient spectroscopy shows three levels of electron trap centers, while hole trap centers cannot be detected.