Disclosed are a heterojunction bipolar transistor and a method of fabricating the same. A first dielectric layer easily etched is deposited on the overall surface of a substrate before an isolation region is defined. The first dielectric layer and a sub-collector layer are selectively etched, and then a second dielectric layer etched at a low etch rate is deposited on the overall surface of the substrate. Via holes are formed in the first and second dielectric layers, and then the first dielectric layer is removed using a difference between etch characteristics of the first and second dielectric layers. Accordingly, a reduction in power gain, generated at the interface of a compound semiconductor and a dielectric insulating layer (the second dielectric layer), can be eliminated.