Spin-based electronics or spintronics is an emerging field, in which we try to utilize spin degrees of freedom as well as charge transport in materials and devices. While metal-based spin-devices, such as magnetic-field sensors and magnetoresistive random access memory using giant magnetoresistance and tunneling magnetoresistance, are already put to practical use, semiconductor-based spintronics has greater potential for expansion because of good compatibility with existing semiconductor technology. Many semiconductor-based spintronics devices with useful functionalities have been proposed and explored so far. To realize those devices and functionalities, we definitely need appropriate materials which have both the properties of semiconductors and ferromagnets. Ferromagnetic semiconductors (FMS), which are alloy semiconductors containing magnetic atoms such as Mn and Fe, are one of the most promising classes of materials for this purpose, and thus have been intensively studied for the past two decades. Here, we review the recent progress in the studies of the most prototypical III-V based FMS, p-type (GaMn)As, and its heterostructures with focus on tunneling transport, Fermi level, and bandstructure. Furthermore, we cover the properties of a new n-type FMS, (InFe)As, which shows electron-induced ferromagnetism. These FMS materials having zinc-blende crystal structure show excellent compatibility with well-developed III-V heterostructures and devices.