We report a unique route for synthesis of Indium Phosphide(InP) nanostructures of different morphologies (nanospheres and nanofibers) by reaction of the Indium precursor with yellow phosphorus. Produced nanofibers are collected on fluorine doped tin oxide(FTO) coated glass substrate and preserved in a desiccator since Polyacrylonitrile(PAN) is moisture sensitive. Ozone etching is carried out to obtain InP nanofibers. The synthesized nanostructures were characterized by powder Scanning electron microscope(SEM), Atomic force microscope(AFM), X-ray diffraction(XRD), steady state photoluminescence spectroscopy(SSPL), time-resolved photoluminescence spectroscopy(TRPL) and UV-Vis absorption spectroscopy. From these measurements InP Nanospheres are observed to exhibit the blue shift of about 292 nm as compared to the bulk InP 918 nm absorption value estimated band gap of synthesized InP nanospheres is ~ 1.98 eV which is larger than the band gap of bulk InP 1.34 eV. Nanostructured InP is found to exhibit zinc-blende structure with average crystallite 153 nm size, FTO supported InP nanofibers calcined at 400 ?C and the fibers stiffness is analyzed by AFM that describes important properties of nanofibers, such as hardness, elastic modulus and the adhesion between nanofibers and substrate.