The invention discloses a heterojunction field effect transistor of a groove-insulated gate type composite source field plate. The transistor comprises a substrate, a transition layer, a barrier layer, a source electrode, a drain electrode, an insulation medium layer, an insulated groove gate, a passivation layer, a source field plate and a protection layer from bottom to top; a groove is opened on the barrier layer, the insulated groove gate is arranged on the insulation medium layer at the upper part of the groove, the source field plate is arranged on the passivation layer, and the source electrode is electrically connected with the source field plate, wherein, n floating field plates are deposited on the passivation layer arranged between the source field plate and the drain field plate. The floating field plates have the same size and are mutually independent, and the spacing between two adjacent floating field plates increases based on the number of the floating field plates arranged along the direction from the source field plate to the drain electrode. The n floating field plates are in floating state and completed together with the source field plate on the passivation layer by one-time process. The heterojunction field effect transistor has the advantages of simple process, good reliability, strong stability, good frequency characteristic and high output power, and can be used for fabricating microwave power devices based on III-V group compound semiconductor heterojunction structure.