The invention relates to a metal-semiconductor field effect transistor with an under-grid buffer layer structure and a manufacturing method; the transistor comprises a semi-insulating substrate, a buffer layer, a channel layer, an under-grid buffer layer, a source electrode cap layer, a drain electrode cap layer, a source electrode, a drain electrode and a grid electrode, wherein the under-grid buffer layer, the source electrode cap layer and the drain electrode cap layer are sequentially formed on the channel layer; the under-grid buffer layer forms a raised platform on the channel layer; and the grid electrode is formed on the raised platform. The manufacturing method of the transistor comprises the following steps of: sequentially growing a P type buffer layer, an N type channel layer and an N type under-grid buffer layer on the semi-insulating substrate; carrying out high concentration N type ion implantation on regions of both ends of the under-grid buffer layer corresponding to the source electrode and the drain electrode to form a source electrode cap layer and a drain electrode cap layer; etching a part of the under-grid buffer layer which is positioned between a grid source and a grid drain; and manufacturing the source electrode and the drain electrode on the source electrode cap layer and the drain electrode cap layer, and manufacturing the grid electrode on the under-grid buffer layer. The transistor of the invention can increase the power density and frequency response of a microwave power amplifier circuit and a microwave power amplifier system; and the manufacturing process is simple.