A field effect transistor includes a first nitride semiconductor layer 13 and a second nitride semiconductor layer 14 having a band gap larger than that of the first nitride semiconductor layer 13 which are formed in this order in an upward direction on a conductive substrate 11, a source electrode 15 and a drain electrode 16 which are electrically connected to a two-dimensional electron gas layer 21, and a gate electrode 18. A rise voltage of a drain-substrate current is lower than a rise voltage of a drain-gate current and a rise voltage of a drain-source current.