In this paper, we propose a novel high performance lateral AlGaN/GaN Schottky barrier diode realized by InGaN polarization enhanced channel and the highly effective field plate (HEFP). The InGaN channel, which exhibits larger lattice constant than that of GaN, enabling the maintained 2DEG under the field plate mitigates the channel degeneration caused by recessing process, at the meantime, provides a nearer distance between the shallowly recessed field plate and the current channel, turning out weak influence of turn-on state and strong enhancement of reverse blocking.