A δ-doped In0.45Al0.55As/InGaAs metamorphic high-electron-mobility transistor (MHEMT) using an In0.45Ga0.55As/In0.65Ga0.35As inverse composite channel has been fabricated successfully and demonstrated. The inverse composite channel significantly reduces Coulomb scattering and consequently improves electron mobility as well as carrier confinement. Experimentally, a high extrinsic transconductance of 321 mS/mm and a drain–source saturation current density of 342 mA/mm are obtained for a 0.65 ×200 µm2 gate at 300 K. Meanwhile, degradation of the studied device, in terms of parameters such as G
m,max, I
DSS, and V
th, with increasing temperature is not evident. A positive temperature coefficient of V
th is observed. The measured f
T and f
max for a 0.65-µm-gate device are 41.6 and 53 GHz, respectively. In addition, the studied device also shows good microwave performances in a flat and wide operation region. From V
GS = -2.5 to 0.5 V, the values of f
T and f
max are still over 33 GHz.