The elastic properties of InP nanowires are investigated by photoluminescence measurements under hydrostatic pressure at room temperature and experimentally deduced values of the linear pressure coefficients are obtained. The pressure-induced energy shift of the A and B transitions yields a linear pressure coefficient of αA = 88.2 ± 0.5 meV/GPa and αB = 89.3 ± 0.5 meV/GPa with a small sublinear term of βA = βB = −2.7 ± 0.2 meV/GPa2. Effective hydrostatic deformation potentials of −6.12 ± 0.04 and −6.2 ± 0.04 eV are derived from the results for the A and B transitions, respectively. A decrease of the integrated intensity is observed above 0.5 GPa and is interpreted as a carrier transfer from the first to the second conduction band of the wurtzite InP.