This paper presents the results of the development of a technology for manufacturing electro-optical Mach–Zehnder modulators based on InP. The key features of the technology are the use of one SiNx double-patterned dielectric mask with two sequential inductively coupled plasma (ICP) etchings of the heterostructure for the simultaneous formation of active and passive sections of the modulator’s optical waveguides. This prevents misalignment errors at the borders. The planarization of the wafer surface was performed using photosensitive benzocyclobutene (BCB) films in a combined scheme. Windows in the BCB film to the bottom ohmic contact and at the die boundaries were formed by lithography, and then the excess thickness of the BCB film was removed by ICP etching until the p-InGaAs contact regions of the p-i-n heterostructure were exposed. The deposition and annealing of the top ohmic contact Ti/Pt/Au (50/25/400 nm) to p-InGaAs was carried out after the surface planarization, with the absence of both deformation and cracking of the planarizing film. A new approach to the division of the wafers into single dies is presented in this paper. The division was carried out in two stages: first, grooves were formed by dicing or deep wet etching, and then cleaving was performed along the formed grooves. The advantages of these techniques are that it allows the edges of the waveguides at the optical input/outputs to be formed and the antireflection coating to be deposited simultaneously on all dies on the wafer, before it is divided.