In the nitrogen-incorporated ultrananocrystalline diamond ((N)UNCD) films, representing an n-type highly conductive two-phase material comprised of sp 3 diamond grains and sp 2rich graphitic grain boundaries, the current is carried by a high concentration of mobile electrons within the large-volume grain boundary networks. Fabricated in a simple thinfilm planar form, (N)UNCD was found to be an efficient field emitter capable of emitting a significant amount of charge starting at the applied electric field as low as a few V/µm which makes it a promising material for designing electron sources. Despite the semimetallic conduction, field emission (FE) characteristics of this material demonstrate a strong deviation from the Fowler-Nordheim law in a high-current-density regime when (N)UNCD field emitters switch from a diode-like to resistor-like behavior. Such phenomenon resembles the currentdensity saturation effect in conventional semiconductors. In the present paper, we adapt the formalism developed for conventional semiconductors to study current-density saturation in (N)UNCD field emitters. We provide a comprehensive theoretical investigation of (i) the influence of partial penetration of the electric field into the material, (ii) transport effects (such as electric-field-dependent mobility), and (iii) features of a complex density-of-states structure (position and shape of π−π * bands, controlling the concentration of charge carriers) on the FE characteristics of (N)UNCD. We show that the formation of the current-density saturation plateau can be explained by the limited supply of electrons within the impurity π − π * bands and decreasing electron mobility in high electric field. Theoretical calculations are consistent with experiment.