The optical and electron paramagnetic resonance (EPR) properties of InP nanocrystals, in which metallic gold or indium is present as an incorporated part of the nanocrystals, have been studied. A study of Au/InP quantum rods supports different carrier localization regimes compared to metal-free quantum rods, including the charge-separated state for which the electron and hole are located in different parts of the heterostructure. They also show that elongated semiconductors that grow on metallic catalysts have electronic properties that are different from those of pure semiconductor nanocrystals of the same shape. We have also developed a simple method for growing melted indium particles on the surface of colloidal spherical InP nanocrystals, and in these In/InP nanocrystals the emission is completely quenched while the absorption spectrum moves to red due to the strong mixing of the semiconductor and metal electronic states.