Three different insulator layers SiNx, SiON, and SiO2 were used as a gate dielectric and passivation layer in AlGaN/GaN metal–insulator–semiconductor high-electron-mobility transistors (MIS-HEMT). The SiNx, SiON, and SiO2 were deposited by a plasma-enhanced chemical vapor deposition (PECVD) system. Great differences in the gate leakage current, breakdown voltage, interface traps, and current collapse were observed. The SiON MIS-HEMT exhibited the highest breakdown voltage and Ion/Ioff ratio. The SiNx MIS-HEMT performed well in current collapse but exhibited the highest gate leakage current density. The SiO2 MIS-HEMT possessed the lowest gate leakage current density but suffered from the early breakdown of the metal–insulator–semiconductor (MIS) diode. As for interface traps, the SiNx MIS-HEMT has the largest shallow trap density and the lowest deep trap density. The SiO2 MIS-HEMT has the largest deep trap density. The factors causing current collapse were confirmed by Photoluminescence (PL) spectra. Based on the direct current (DC) characteristics, SiNx and SiON both have advantages and disadvantages.