In this report, a parametric investigation on the n+‐GaN/AlGaN/p+‐GaN tunnel junction is made for III‐nitride based ultraviolet light emitting diodes (UV LEDs). It is found that, on one hand, by using various Al compositions and AlGaN layer thicknesses, the n+‐GaN/AlGaN/p+‐GaN tunnel junction can modify the electric field therein, which will affect the carrier tunneling probability and the current‐voltage characteristics. On the other hand, the Al composition and the AlGaN layer thickness also have a strong impact on the tunnel region width, which will affect the current flowing path and then influence the hole distribution apart from the p‐type ohmic contact. This work conducts a comprehensive analysis and presents an in‐depth understanding regarding the n+‐GaN/AlGaN/p+‐GaN tunnel junction, so that the hole concentration and the internal quantum efficiency can be significantly improved for III‐nitride UV LEDs.