The growth of the In0.53Ga0.47As epilayer on InP by two‐phase liquid phase epitaxy is investigated. To saturate the In melt before growth, an overweight GaAs wafer is chosen as solid source and put on top of the melt. By adjusting the weight of In, epilayers with a lattice mismatch Δa⊥/a below 2×10−4 are obtained. It is found that the quantity of InAs source required is more than that used in single‐phase growth and the growth rate is smaller in two‐phase growth. The result is explained using the phase diagram and the theoretical calculation. The growth rate, lattice‐mismatch data, and photoluminescence spectra of the epilayers are also presented.