The invention discloses a vertical power transistor based on an arc leakage field plate and a Schottky drain electrode. The transistor comprises a substrate (1), a drift layer (2), an aperture layer (3), a blocking layer (4), a channel layer (6), a barrier layer (7) and a passivation layer (12). Two sides of the channel layer and the barrier layer are etched with grooves (8). Source electrodes (9) are deposited in the grooves of the two sides. A grid electrode (10) is deposited on the barrier layer between the source electrodes. An aperture (5) is formed between the blocking layers. A Schottky drain electrode (11) is deposited below the substrate. The passivation layer (12) wraps all the areas, except for a bottom of the Schottky drain electrode. Two sides of a back side of the passivation layer are etched with arc steps (13). Metal is deposited on the arc steps so as to form an arc field plate (14). The arc field plate is eclectically connected to the Schottky drain electrode and a lower portion is completely filled with a protective layer (15). In the invention, a reverse breakdown voltage is high, a technology is simple, a conduction resistance is small, a yield is high and the transistor can be used for a power electronics system.