The invention discloses a groove-insulated gate type source-drain composite field plate transistor with high electron mobility. The transistor comprises, from bottom to top, a substrate (1), a transition layer (2), a barrier layer (3), a source electrode (4), a drain electrode (5), an insulation medium layer (7), an insulated groove gate (8), a passivation layer (9), a source field plate (10), a drain field plate (12) and a protection layer (13); the source field plate is electrically connected with source electrode, and the drain field plate is electrically connected with the drain electrode, wherein, a groove (6) is opened on the barrier layer; and n floating field plates (11) are deposited on the passivation layer arranged between the source field plate and the drain field plate. All the floating field plates have the same size and are mutually independent, and the floating field plates are equidistantly distributed between the source field plate and the drain field plate. The n floating field plates, the source field plate and the drain field plate are completed on the passivation layer by one-time process. The transistor has the advantages of simple process, strong reliability and high output power, and can be used for fabricating power devices based on a wide band gap compound semiconductor material heterojunction.