Semiconducting and metallic metal phosphide nanocrystals have gained increased attention in the materials science and engineering community due to their demonstrated and theoretical promise in both emissive and catalytic applications. Central to realizing the full potential of nanoscale metal phosphides is a thorough understanding of their surfaces and how surface chemistry impacts their function. In this review, we document what is known about the surface chemistry of metal phosphide nanocrystals, including both as synthesized and postsynthetically modified species, and draw a connection between surface chemistry and functional properties. This survey is intended to provide a comprehensive view of metal phosphide nanocrystal surface chemistry and how it differs across the families of phosphide materials. A clear distinction emerges between the semiconducting and metallic phosphides from both a synthetic and applied standpoint. We seek to expose key knowledge gaps and targets for further scientific and technological development.