Gallium oxide (Ga2O3) is a new semiconductor material which has the advantage of ultrawide bandgap, high breakdown electric field, and large Baliga’s figure of merit (BFOM), so it is a promising candidate for the next-generation high-power devices including Schottky barrier diode (SBD). In this paper, the basic physical properties of Ga2O3 semiconductor have been analyzed. And the recent investigations on the Ga2O3-based SBD have been reviewed. Meanwhile, various methods for improving the performances including breakdown voltage and on-resistance have been summarized and compared. Finally, the prospect of Ga2O3-based SBD for power electronics application has been analyzed.