The present invention has an object to provide an FET and a method of manufacturing the FET that are capable of increasing the threshold voltage as well as decreasing the on-resistance. The FET of the present invention includes a first undoped GaN layer; a first undoped AlGaN layer formed on the first undoped GaN layer, having a band gap energy greater than that of the first undoped GaN layer; a second undoped GaN layer formed on the first undoped AlGaN layer; a second undoped AlGaN layer formed on the second undoped GaN layer, having a band gap energy greater than that of the second undoped GaN layer; a p-type GaN layer formed in the recess of the second undoped AlGaN layer; a gate electrode formed on the p-type GaN layer; and a source electrode and a drain electrode which are formed in both lateral regions of the gate electrode, wherein a channel is formed at the heterojunction interface between the first undoped GaN layer and the first undoped AlGaN layer.