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With its excellent intrinsic properties stemming from its wide bandgap (Eg), gallium nitride (GaN) is considered as a key semiconductor material for realizing ultra-low-loss power devices. GaN has an Eg of 3.4 eV, which is more than thrice that of the ubiquitous silicon (Si).  As critical field Ecr varies roughly with the square of Eg, this translates to almost ten times higher Ecr for GaN over that of Si. In principle, for same breakdown voltage, a GaN device can be designed to be much shorter and therefore less resistive, procuring highly reduced conduction losses. Moreover, the major advantage of using GaN over Si and its other wide bandgap rivals, is the possibility of fabricating the AlGaN/GaN heterostructure, which is the basis of the high-electron-mobility transistor (HEMT). Strong polarization fields in the AlGaN/GaN heterostructure result in a sheet of highly mobile two-dimensional electron gas (2DEG), serving as current carrier between the drain and source electrodes that can be modulated by an external applied voltage (VGS) on the gate. Because of the inherent presence of this 2DEG in the channel even without applied VGS, AlGaN/GaN HEMTs are normally-on devices with negative threshold voltage (VTH). However, for power switching applications, normally-off or (or enhancement-mode) device with positive VTH is preferable from fail-safe point of view. In this presentation, present status and recent progress in normally-off GaN-based transistors will be discussed including our own state-of-the-art solution for threshold voltage engineering using recessed structures and regrowth technology.