Experimental and theoretical assessments of phonon and optical characteristics are methodically accomplished for comprehending the vibrational, structural, and electronic behavior of InP1−xSbx/n-InAs samples grown by Gas-Source Molecular Beam Epitaxy. While the polarization-dependent Raman scattering measurements revealed InP-like doublet covering optical modes (ωLOInP~350 cm−1, ωTOInP~304 cm−1) and phonons activated by disorders and impurities, a single unresolved InSb-like broadband is detected near ~195 cm−1. In InP1−xSbx, although no local vibrational (InSb:P; x → 1) and gap modes (InP:Sb; x → 0) are observed, the Raman line shapes exhibited large separation between the optical phonons of its binary counterparts, showing features similar to the phonon density of states, confirming “two-mode-behavior”. Despite the earlier suggestions of large miscibility gaps in InP1−xSbx epilayers for x between 0.02 and 0.97, our photoluminescence (PL) results of energy gaps insinuated achieving high-quality single-phase epilayers with x ~ 0.3 in the miscibility gap. Complete sets of model dielectric functions (MDFs) are obtained for simulating the optical constants of binary InP, InSb, and ternary InP1−xSbx alloys in the photon energy (0 ≤ E ≤ 6 eV) region. Detailed MDF analyses of refractive indices, extinction coefficients, absorption and reflectance spectra have exhibited results in good agreement with the spectroscopic ellipsometry data. For InP0.67Sb0.33 alloy, our calculated lowest energy bandgap E0 ~ 0.46 eV has validated the existing first-principles calculation and PL data. We feel that our results on Raman scattering, PL measurements, and simulations of optical constants provide valuable information for the vibrational and optical traits of InP1−xSbx/n-InAs epilayers and can be extended to many other technologically important materials.