A bipolar transistor of the present invention comprises a collector layer made of an n-type semiconductor and an emitter layer made of an n-type semiconductor provided on this collector layer. A gate layer for injecting p-type carriers (holes) into the emitter layer is provided on the emitter layer. A p-type carrier retaining layer is formed between the collector layer and the emitter layer. The p-type carrier retaining layer temporarily retains the p-type carriers that are injected from the gate layer into the emitter layer and diffused in the emitter layer and reach the p-type carrier retaining layer. The bipolar transistor has a structure whose performance is not influenced by sheet resistance of the base layer, and is able to exhibit a high current gain even in a high-frequency region.