This work presents an analytical model for threshold voltage and On-resistance of multi barrier Metal–Insulator–Semiconductor High-Electron-Mobility-Transistor (MISHEMT) with gate-recess and field-plates. The device featuring a high two-dimensional electron-gas (2DEG) density in the channel region. The primary objectives of this device are to achieve a high threshold voltage (Vth) and enhance electron mobility with specific low ON-resistance (Ron_sp) by mitigating the degradation effects arising from scattering and interface-charges. Also, a physics based analytical model for Vth and 2DEG charge density at upper and lower channels is presented. This model is validated by comparing with TCAD numerical simulations and are well matched. The proposed MISHEMT demonstrates improved electron mobility in the lower channel of 1260 cm2/V.s, Vth of ∼2.6 V and Ron_sp is minimized by 33 % in contrast with a conventional MISHEMT. Additionally, the proposed MISHEMT becomes a promising device for achieving both high threshold voltage and mobility which are required for power semiconductor devices.