In our previous work [J. S. Xue et al., Appl. Phys. Lett. 100, 013507 (2012)], superior electron-transport properties are obtained in InAlN/GaN/InAlN/GaN double-channel (DC) heterostructures grown by pulsed metal organic chemical vapor deposition (PMOCVD). In this paper, we present a detailed fabrication and systematic characterization of high electron mobility transistors (HEMTs) fabricated on these heterostructures. The device exhibits distinct DC behavior concerning with both static-output and small-signal performance, demonstrating an improved maximum drain current density of 1059 mA/mm and an enhanced transconductance of 223 mS/mm. Such enhancement of device performance is attributed to the achieved low Ohmic contact resistance as low as 0.33 ± 0.05 Ω·mm. Moreover, very low gate diode reverse leakage current is observed due to the high quality of InAlN barrier layer deposited by PMOCVD. A current gain frequency of 10 GHz and a maximum oscillation frequency 21 GHz are also observed, which are comparable to the state-of-the-art AlGaN/GaN-based DC HEMT found in the literature. The results demonstrate the great potential of PMOCVD for application in InAlN-related device’s epitaxy.