Lattice-matched InAlN/AlN/GaN high electron mobility transistors (HEMTs) grown on sapphire substrate by using low-pressure metallorganic chemical vapor deposition were prepared, and the comprehensive DC characteristics were implemented by Keithley 4200 Semiconductor Characterization System. The experimental results indicated that a maximum drain current over 400 mA/mm and a peak external transconductance of 215 mS/mm can be achieved in the initial HEMTs. However, after the devices endured a 10-h thermal aging in furnace under nitrogen condition at 300 ℃, the maximum reduction of saturation drain current and external transconductance at high gate-source voltage and drain-source voltage were 30% and 35%, respectively. Additionally, an increased drain-source leakage current was observed at three-terminal off-state. It was inferred that the degradation was mainly related to electron-trapping defects in the InAlN barrier layer.