A high-efficiency and low-loss Mach-Zehnder modulator on a Si platform is a key component for meeting the demand for high-capacity, low-cost and low-power optical transceivers in future optical fiber links. We report a III-V/Si MOS capacitor Mach-Zehnder modulator with an ultrahigh-efficiency phase shifter, which consists of n-type InGaAsP and ptype Si. The main advantage of this structure is a large electron-induced refractive index change and low free-carrier absorption loss of the n-type InGaAsP. The heterogeneously integrated InGaAsP/Si MOS capacitor structure is fabricated by using the oxygen plasma assisted bonding method. The fabricated device shows VπL of 0.09 Vcm, a value over three-times smaller than that of the conventional Si MOS capacitor Mach-Zehnder modulator, without an increase in the insertion loss. This clearly indicates that the proposed III-V/Si MOS capacitor Mach-Zehnder modulator overcomes the performance limit of the Si Mach-Zehnder modulator.