Double‐channel AlGaN/GaN HEMTs are superior to single‐channel HEMTs in electronic localization, current transport and current collapse, which are of great significance in high‐power applications. A physics‐based threshold voltage and drain‐source current model based on double‐channel AlxGa1‐xN/GaN/AlyGa1‐yN/GaN HEMTs is proposed in this article. Electrons limited in the potential well are derived from ionized donor‐like surface states of the AlxGa1‐xN layer. Accumulated 2DEGs and positive charges left are equivalent to planar plate capacitors and further form electric fields, weakening the polarization fields in barrier layers. Consider the physical properties of the dual‐channel HEMT holistically rather than two separate and independent single heterojunctions. The effect of the charges and 2DEGs distributed in lower layers on the upper channel has been contained in our model as well. Subsequently, a drain‐source current model is proposed through coupling the critical electric field with the threshold voltage. The influence of channel length modulation, short channel effect, self‐heating effect, and kink effect is involved in this model. The accuracy of the proposed models is verified by comparison with TCAD simulations and the experimental results. Proposed models can greatly describe the output characteristics, the transmission characteristics, and the relationship between VTH and device parameters of double‐channel AlGaN/GaN HEMTs.This article is protected by copyright. All rights reserved.