The growing interest for power electronics devices demands suitable materials which can perform in harsh conditions. Gallium oxide () has shown tremendous potential in high voltage, high temperature, and gassensing applications due to its unique material properties. is considered to be the next‐generation material for power electronics owing to ultrawide bandgap of 4.5–4.9 eV and high electric field of 8 MV cm−1. These material properties coupled with high‐power figure of merits make a superior material compared to GaN and SiC. Herein, state‐of‐the‐art development and recent breakthroughs in ‐based field‐effect‐ transistors (FETs) highlighting major ongoing research are reviewed. The review describes the material property, band structure, and ‐based field‐effect transistors in detail. Some promising applications capitalizing the epitaxial growth techniques along with the characteristics and performance of ‐based devices are also explained. The prime objective of this review is to provide an up‐to‐date scientific framework pertaining to this niche emerging research area followed by device processing. This survey reveals the potential of ‐based FETs for high‐ voltage and high‐power applications while several critical challenges have to be still overcome. Finally, insights are represented and future perspectives of ‐based transistors along with their hetero‐structures are discussed.