Herein, Ta2O5 high‐k gate dielectric‐based GaN high electron‐mobility transistors (HEMTs) with a high I
ON/I
OFF ratio and low gate leakage current are demonstrated without any significant deterioration of the other performance parameters. Ta2O5 with an average surface roughness of 1.8 nm and a dielectric constant of ≈26 are grown by sputtering and annealing in O2. The bandgap, valence, and conduction band offsets with Al0.3Ga0.7 N are 4.85, 0.24, and 0.61 eV, respectively. The reverse gate leakage current at −7 V is observed to be 1.2 ×10−10 A mm−1 for 5 nm and <1.0×10−11 A mm−1 for 20 and 30 nm oxide thickness compared to 5.0 × 10−6 A mm−1 for the control sample. This current is among the lowest ever reported for GaN‐based oxide‐HEMTs without significantly sacrificing other performances. The I
ON/I
OFF ratio is 2 × 109, 7 × 109, and 1
×
10 for 5, 20, and 30 nm oxide thickness, respectively, as compared to 2 × 108 for the control sample. The interface–state–density is estimated to be 1.5 × 1013 cm−2 eV−1. I
DS,sat is measured to be 710, 700, and 690 mA mm−1 for 5, 20, and 30 nm Ta2O5 thickness, respectively, compared to 725 mA mm−1 for the control sample. The presence of oxide does not change the other characteristics much.