The invention is to provide a process for industrially advantageously producing InP fine particles having a nano-meter size efficiently in a short period of time and an InP fine particle dispersion, and there are provided a process for the production of InP fine particles by reacting an In raw material containing two or more In compounds with a P raw material containing at least one P compound in a solvent wherein the process uses, as said two or more In compounds, at least one first In compound having a group that reacts with a functional group of P compound having a P atom adjacent to an In atom to be eliminated with the functional group in the formation of an In-P bond and at least one second In compound having a lower electron density of In atom in the compound than said first In compound and Lewis base solvent as said solvent, and InP fine particles obtained by the process.