The present invention provides: an InP wafer optimized from the viewpoint of small edge roll-off (ERO) and sufficiently high flatness even in the vicinity of a wafer edge; and a method for effectively producing the InP wafer. The InP wafer having a roll-off value (ROA) of from −1.0 μm to 1.0 μm is obtained by using a method including: performing a first stage polishing under a processing pressure of from 10 to 200 g/cm2 for a processing time of from 0.1 to 5 minutes, while supplying a polishing solution containing bromine to at least one side of an InP single crystal substrate that will form the InP wafer; and performing a second stage polishing under a processing pressure of from 200 to 500 g/cm2 for a processing time of from 0.5 to 10 minutes, provided that the processing pressure is higher than that of the first stage polishing by 50 g/cm2 or higher.