Using aluminum titanium oxide (AlTiO, an alloy of Al2O3 and TiO2) as a high-k gate insulator, we fabricated and investigated AlTiO/AlGaN/GaN metal-insulator-semiconductor heterojunction field-effect transistors. From current low-frequency noise (LFN) characterization, we find Lorentzian spectra near the threshold voltage, in addition to 1/f spectra for the well-above-threshold regime. The Lorentzian spectra are attributed to electron trapping/detrapping with two specific time constants, ∼25 ms and ∼3 ms, which are independent of the gate length and the gate voltage, corresponding to two trap level depths of 0.5–0.7 eV with a 0.06 eV difference in the AlTiO insulator. In addition, gate leakage currents are analyzed and attributed to the Poole-Frenkel mechanism due to traps in the AlTiO insulator, where the extracted trap level depth is consistent with the Lorentzian LFN.