Disclosed herein is 3D memory with vertical NAND strings having a III-V compound channel, as well as methods of fabrication. The III-V compound has at least one group III element and at least one group V element. The III-V compound provides for high electron mobility transistor cells. Note that III-V materials may have a much higher electron mobility compared to silicon. Thus, much higher cell current and overall cell performance can be achieved. Also, the memory device may have better read-write efficiency due to much higher carrier mobility and velocity. The tunnel dielectric of the memory cells may have an Al2O3 film in direct contact with the III-V NAND channel. The drain end of the NAND channel may be a metal-III-V alloy in direct contact with a metal region. The body of the source side select transistor could be formed from the III-V compound or from crystalline silicon.