A Schottky or PN diode is formed where a first cathode portion is an N epitaxial layer that is relatively lightly doped. An N+ buried layer is formed beneath the cathode for conducting the cathode current to a cathode contact. A more highly doped N-well is formed, as a second cathode portion, in the epitaxial layer so that the complete cathode comprises the N-well surrounded by the more lightly doped first cathode portion. An anode covers the upper areas of the first and second cathode portions so both portions conduct current when the diode is forward biased. When the diode is reverse biased, the depletion region in the central N-well will be relatively shallow but substantially planar so will have a relatively high breakdown voltage. The weak link for breakdown voltage will be the curved edge of the deeper depletion region in the lightly doped first cathode portion under the outer edges of the anode. Therefore, the N-well lowers the on-resistance without lowering the breakdown voltage.