Thin films of InP was grown on single crystalline substrates of Si to form InP/Si heterojunctions by liquid phase epitaxy (LPE) and its morphology and crystalline characteristics were achieved. The essential electrical properties and its main parameters were extracted using the current density-voltage. The analysis was done to obtain the rectification characteristics which has its maximum value at a certain voltage of 0.7 V. Moreover, the heterojunction obeys ohmic behavior followed by quadratic space charge limited conduction at lower and higher voltage regions, respectively. The conductivity under AC bias as well as the dielectric behaviors of the heterojunction was explored in the frequency range 100 kHz–5 MHz and in the temperature range 298–623 K. The AC conductivity is interpreted by the correlated barrier hopping model via single polaron with activation energy dependent on the applied frequency. The response of the dielectric constants confirms its remarkable dependence on both frequency and temperature.