A semiconductor device having a recessed channel structure which has a semiconductor region positioned at a level above a channel region, including a first conduction type substrate having a channel region therein, a second conduction type semiconductor region formed on the substrate excluding the channel region, a first insulation film formed on the semiconductor region, a second insulation film formed on a surface between the channel region and the semiconductor region, a first gate formed on a gate insulation film on the channel region, and a dielectric film formed between the first gate and the first insulation film. Also, a method for fabricating a semiconductor device having a recessed structure, including the steps of: forming a second conduction type polysilicon film on a first conduction type substrate; forming a first insulation film on the polysilicon film; forming a semiconductor layer by etching the first insulation film and the underlying polysilicon film; forming a second insulation film on an exposed surface of the substrate between the semiconductor layer and at sides of the semiconductor layer and the first insulation film; forming a first gate on the second insulation film; forming a dielectric film on a surface between the first gate and the second insulation film; and forming a second gate on the dielectric film.