The present invention includes a surgically implantable compression staple, system, and method of use thereof for the internal fixation of bone fractures, fusions, and osteotomies. The staple has a grooved construction along the outside edge of each of its legs and cannulated tabs are aligned above the grooves. The grooves and cannulated tabs of the staple are sized to fit and align with guide wires. Once holes are drilled over the guide wires with a specialized cannulated drill, the appropriately sized staple can be inserted over the guide wires and the guide wires are subsequently removed. The compression feature of the staple is activated and the staple provides stability across the desired fractured site. The system and method allows for easy alignment and precise placement of surgically implantable staples.