In this work, we present the DC and RF performance of LG 0.8 μm Al0.31Ga0.69N/Al0.1Ga0.9N/β‐Ga2O3 based high‐electron mobility transistors (HEMTs) on Silicon Carbide (SiC) substrate. The proposed heterostructure is investigated using numerical simulation and the simulation models are validated against experimental results. The proposed HEMT improves the drain current density due to double quantum well structure, elevated carrier mobility, and enhanced carrier confinement. The two‐dimensional electron gas (2DEG) of 6 × 1012 cm−2 is obtained from the upper channel (Al0.31Ga0.69N/Al0.1Ga0.9N) and 2.8 × 1012 cm−2 of 2DEG is obtained from the lower channel (Al0.1Ga0.9N/β‐Ga2O3). The rectangular gate HEMT with LG = 0.8 μm and LGD = 1 μm on SiC substrate showed a peak on‐state drain current density (IDS) of 1.67 A/mm, 259 mS/mm of transconductance (gm), 377 V of off‐state breakdown voltage (VBR), and FT/FMAX of 40/100 GHz. The HEMT with 0.5 μm length gate field plate device showed an excellent VBR of 536 V and FT/FMAX of 21/132 GHz. The high performance of the proposed Al0.31Ga0.69N/Al0.1Ga0.9N/β‐Ga2O3 HEMTs indicates its potential for future RF and power electronics applications.