A method of manufacturing a semiconductor device includes forming a mask layer on a first-conductivity-type semiconductor substrate, etching the semiconductor substrate using the mask layer as a mask, thereby forming a projecting semiconductor layer, forming a first insulating layer on the semiconductor substrate to cover a lower portion of the projecting semiconductor layer, doping a first-conductivity-type impurity into the first insulating layer, thereby forming a high-impurity-concentration layer in the lower portion of the projecting semiconductor layer, forming gate insulating films on side surfaces of the projecting semiconductor layer which upwardly extend from an upper surface of the first insulating layer, and forming a gate electrode on the gate insulating films and on the first insulating film.