This paper presents a novel device named Field Effect Photodiode (FEPD) to overcome the inherent drawbacks of PIN Photodiode (PIN-PD) and having an accurate control of the output photocurrent either applying the regular PIN-PD as a fast optical switch that provides a desire ION/IOFF ratio for optical applications in the nanoscale regime. The proposed device combines a Metal Semiconductor Field Effect Transistor (MESFET) and a regular PIN-PD device that can convert the incident light with photon energy greater than the semiconductor's bandgap to the regulated photocurrent by changing the gates bias which mounted over the absorption region. Our work include additional models such as bandgap narrowing, Shockley-Read-Hall (SRH), Auger (AUGER), the dependence of the carrier mobility on the doping concentration, Lombardi mobility model (CVT), Fermi statistic dependence (FERMIDIRAC), and Lateral electric field-dependent mobility. To extract and illustrate the electrical and optical results of both the regular PIN-PD and the proposed FEPD in this work, we have used TCAD tools as a semiconductor simulator.