In this study, a dedicated dynamic measurement system was used to investigate the transient capacitance and recovery process of AlGaN/GaN lateral Schottky barrier diodes (SBDs). With the consideration of acceptor traps in the C-doped buffer, the C-V characteristics and transient capacitance were measured and analyzed, and the results were simulated and explained by Silvaco TCAD (technology computer aided design). The ionization of acceptor traps and the change of electric potential were monitored in transient simulation to investigate the origin of the capacitance collapse in the SBD. The results suggest the significant impact of traps in the GaN buffer layer on the capacitance collapse of the device, and the secondary capture effect on the variation of acceptor ionization. Based on the study of transient capacitance of SBD, this work could be extended to the Miller capacitance in high electron mobility transistor (HEMT) devices. Moreover, the report on the stability of capacitance is essential for GaN devices, and could be further extended to other aspects of device research.