Indium phosphide colloidal quantum dots (CQDs) are the main alternative for toxic and restricted Cd based CQDs for lighting and display applications. Here we systematically report on the size-dependent optical absorption, ensemble, and single particle photoluminescence (PL) and biexciton lifetimes of core-only InP CQDs. This systematic study is enabled by improvements in the synthesis of InP CQDs to yield a broad size series of monodisperse core-only InP CQDs with narrow absorption and PL line width and significant PL quantum yield.