An increase in the device performance of diamond‐based p‐type metal–oxide–semiconductor (pMOS) transistors using a combination of p‐type nickel oxide and n‐type indium tin oxide (NiOX/ITO) reverse bias diode as the gate dielectric is reported. Negative threshold voltage pMOS transistors are desirable for digital circuits and power applications for fail‐safe operation. A Schottky gate‐based conventional diamond pMOS transistor suffers from many limitations, including a positive threshold voltage (VT). Herein, it is experimentally demonstrated that NiOX/ITO gate dielectric with Al gate contact circumvents many critical limitations, providing a negative threshold voltage of −1.2 V, improved subthreshold slope of 145 mV dec−1, current ON/OFF ratio >107, and peak gate leakage current reduction >103. An Al/NiOX‐based control gate structure shifts the VTH negative with improvements in crucial device performances. Adding a reverse bias junction through the Al/ITO/NiOX heterointerface with the Al metal gate further improves performance. The measured device characteristics are explained in a common framework of energy band diagram for all the devices.