There is provided a field effect transistor which is suitable for a power amplifier application or the like, and have a double recess structure with superior repeatability. A film thickness of an AlGaAs layer can determine a depth of a second step of a recess uniquely by using the AlGaAs layer and an InGaP layer with a higher etching selection ratio, a double recess structure can be formed with desirable repeatability, and a high withstand voltage device suitable for a power amplifier application or the like is achieved by making both side surfaces of a gate electrode into the AlGaAs layer.