In this paper, the modeling of InP heterojunction bipolar transistors (HBTs) in transferred substrate (TS) technology is investigated. At first, a direct parameter extraction methodology dedicated to III–V based HBTs is employed to determine the small-signal equivalent circuit parameters from measured S-parameters. It is shown that the model prediction of measured S-parameters can be improved in the millimeter-wave frequency range by augmenting the small-signal model with a description of AC current crowding. The extracted elements of the small-signal model structure are employed as a starting point for the extraction of a large-signal model. The developed large-signal model for the TS-HBTs accurately predicts the DC over temperature and small-signal performance over bias as well as the large-signal performance at millimeter-wave frequencies (77 GHz).