We report on double‐phase conjugation at 1.06 &mgr;m wavelength in InP:Fe with applied continuous electric field. Conversion efficiencies up to 74% with a grating period of 9 &mgr;m are obtained. The dependence of this efficiency on intensity, applied field, and grating period is reported and the results are compared with numerical simulations taking into account space‐charge field nonlinearities. Double color (1.06 and 1.32 &mgr;m) pumped oscillation is also observed with conversion efficiencies higher than 30%.