We present a comprehensive study of the optical properties of InAs/InP self-assembled quantum dots (QDs) using an empirical pseudopotential method and configuration interaction treatment of the many-particle effects. The results are compared to those of InAs/GaAs QDs. The main results are: (i) The alignment of emission lines of neutral exciton, charged exciton and biexciton in InAs/InP QDs is quite different from that in InAs/GaAs QDs. (ii) The hidden correlation in InAs/InP QDs is 0.7 - 0.9 meV, smaller than that in InAs/GaAs QDs. (iii) The radiative lifetimes of neutral exciton, charged exciton and biexciton in InAs/InP QDs are about twice longer than those in InAs/GaAs QDs. (v) The phase diagrams of few electrons and holes in InAs/InP QDs differ greatly from those in InAs/GaAs QDs. The filling orders of electrons and holes are shown to obey the Hunds rule and Aufbau principle, and therefore the photoluminescence spectra of highly charged excitons are very different from those of InAs/GaAs QDs.
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